Announcement Regarding the Establishment of a New Company in China
World Co., Ltd. has announced the establishment of World Asia Management (Shanghai) Limited, a new company that will be responsible for the overall management and control of our Chinese subsidiaries.
1. Reason for establishing the new company
World Co., Ltd. has several Chinese subsidiaries engaged in the planning, manufacturing/production and sales of clothing, which have been operating under their own management. While these companies will continue to handle their own accounting, financing, personnel and legal affairs, the new company will undertake overall management to enhance the operational efficiency of the World Group, raise the quality of management across the companies, and reinforce corporate governance.
2. Overview of new company
|(1) Name||World Asia Management (Shanghai) Limited|
|(2) Main office||705, 1118 West Yan’an Road, Shanghai, China|
|(3) Representative||Kazushi Watanabe|
|(4) Capital||US$2 million (World Co., Ltd., 100%)|
|(5) Number of employees||7|
Start of operations
|November 3, 2011
November 28, 2011 (projected)
|(7) Fiscal year end||December 31|