THE WHAT? POLA ORBIS HOLDINGS INC. has resolved to establish a new subsidiary focused on its operations in China, a decision made by its Board of Directors on November 20, 2023. Additionally, POLA INC. and ORBIS Inc., its wholly-owned subsidiaries, have agreed to transfer their respective equity interests in Shanghai POLA Trading Co., Ltd. and Orbis Beijing Inc. directly to POLA ORBIS.
THE DETAILS This move signifies a significant restructuring within the company. By absorbing the equity interests of POLA Shanghai and ORBIS Beijing, POLA ORBIS will directly oversee these entities. The aim is to centralise the operations in China under a single subsidiary, streamlining management and decision-making processes.
THE WHY? The rationale behind these changes is to improve the company’s efficiency and effectiveness in the Chinese market. By establishing a new subsidiary and reorganising its Chinese operations under one umbrella, POLA ORBIS aims to respond more quickly to market trends and customer needs in China. This strategic shift is intended to strengthen the company’s presence and performance in a key market, aligning with its broader goal of global expansion.