Avex Inc. announced that it has resolved at a meeting of the Board of Directors held on June 23, 2023, to allow Avex Asia Pte. Ltd., its wholly owned subsidiary headquartered in Singapore, to establish a new company (second-tier subsidiary), Avex Saudi Arabia Entertainment LLC (hereinafter "ASE"). Details are as follows.
As described in the overseas strategy in "avex vision 2027", the Company's medium-term management plan, the Company is aiming to conduct its overseas business by leveraging its domestic business model. The purpose of establishing ASE is to further grow the Company's business in the Kingdom of Saudi Arabia and also to expand the business to other Middle Eastern countries, being further rooted in the region and adapting to the characteristics of the local markets.