Swedish brand group New Wave Group has sold its shares - representing 51% of the capital and votes - in Russian subsidiary CJSC (NW Russia) to the minority shareholders in the company.

In connection, New Wave Group has also made a capital injection to NW Russia through depreciation of loans, a statement said.

In connection with the transfer, a distribution agreement has been signed with NW Russia, which gives NW Russia the exclusive rights to sell promo wear under the trademarks New Wave, Clique, and Texas Bull in Russia until the end of 2014.

New Wave Group creates, acquires and develops promo, sports, gift and interior design trademarks and products.