The board of directors of Polaris Ltd. announced that the company, together with Polaris Explorer Pte. Ltd. (PEPL), a 100% owned subsidiary of the Company, have on 18 November 2022 incorporated a subsidiary, PT Polaris Orbit Indonesia (POI), in the Republic of Indonesia. The authorized share capital of POI is IDR 40,000,000,000 and the paid-up share capital is IDR 10,000,000,000 comprising 10,000 shares of IDR 1,000,000 each.

The company holds 99% of the shares in POI and PEPL holds the remaining 1% of the shares in POI. The Group has decided to incorporate POI for organic growth of new businesses in the areas of digital advertising and low environmental impact protein in the Republic of Indonesia, thus expanding presence in the Asian market, with a view towards increasing the Group's business opportunities and thereafter contribute positively to the growth, financial position and long-term prospects of the Group. The Company will be seeking shareholders' approval for the undertaking of these new businesses at an extraordinary general meeting in due course.

The Group had exited several mobile phone related businesses in the past years and is pursuing opportunities for growth in sustainability and circular economy releated businesses. This includes the pre-owned luxury goods segment and going forward digital advertising, which has lower environmental impact than traditional advertising, and low environmental impact protein. The incorporation of POI is funded through internal resources and is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2022.