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Solid Group Inc. disclosed that its unit bought Phil-Nanning
Consortium in order to pursue a real-estate project in mainland
China.
The consumer electronics firm told the
Philippine Stock Exchange that its subsidiary, Precos Inc., has
acquired the full ownership of the Philippine company that will
develop a real-estate project in Nanning City, Guangxi Province.
PNCI will own 51 percent of the project and has
already secured the approval of the Chinese government as a
qualified foreign investor.
Solid Group said the mixed-use project will rise
from a 3.9-hectare property within the China-Asean business district
designated for the Philippines and involves building several
multistory residential, commercial and office buildings. Also part
of the plan is the construction of a Philippine Pavillon.
Due to the scant information released by SGI,
the PSE suspended trading of the firm’s shares on February 15
until such time that additional information is properly disclosed.
Solid Group’s business interests run from
electronics to real estate, and its 11 wholly owned
subsidiaries include Solid Broadband Corporation, Solid Electronics
Corporation, Solid Video Corp., Solid Manila Corporation, Omni
Logistics Corporation and Zen Towers Corp.
For the first nine months of last year, SGI
registered a net loss of P23 million attributable to equity holders
of the parent, 28.1 percent less than in the same period in 2006.
Its net income attributable to minority interest grew by 43.5
percent to P3.3 million due to higher net income of industrial lot
business.
Revenues went up by 23 percent to P927 million,
which SGI expects would improve to P2.3 billion this year backed by
sales of its “myPhone” series of touchscreen dual SIM phones and
real estate projects. Asset turnover at end-September rose to 16.9
percent compared with 13.3 percent in 2006 due to higher revenues.
SGI eyes a turnover ratio of 25 percent this year.
-- Likha C. Cuevas-Miel
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