Solid Group infusing P560 M in real estate arm

Listed consumer electronics firm Solid Group Inc. is infusing P560 million into its real estate unit for the development of an ongoing mega logistics project in Calamba, Laguna.

In a disclosure to the Philippine Stock Exchange, the firm said it will subscribe to 8 million new class A shares of wholly-owned subsidiary Precos Inc. at the par value of P70 per share.

SGI said the cash from the new subscription will be used by Precos as additional funds for the ongoing logistics project in Laguna.

The subscription to new shares of Precos is pending the approval of the Securities and Exchange Commission for the increase in authorized capital stock of the subsidiary to P2.09 billion.

SGI, through its subsidiaries, is engaged in various businesses. These include, among others, the sale of mobile phones; after-sales services for principally SONY brands of consumer electronic products and MyPhone; warehousing, distribution and product testing of consumer electronic products; and subcontract or toll manufacturing of color TV sets for other brand owner (i.e. TCL, Haier).

The Company’s other business activities are: the development and sale of industrial estates in joint venture with Samsung Corporation of Korea; the development of residential condominium for sale and the development and lease of other real estate properties and hotel operations; sale of prefabricated modular houses; sale of broadcast/professional equipment and accessories; and services from project integration.

SGI’s subsidiaries include My Solid Technologies & Devices Corporation; Solid Group Technologies Corporation; Solid Video Corporation; Solid Manila Corporation; Zen Towers Corporation; SolidService Electronics Corporation; Solid Manila Finance, Inc.; Solid Broadband Corporation; MyApp Corporation; and Green Sun Hotel Management, Inc.

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The article was originally published in Manila Bulletin and written by James A. Loyola.