Listed diversified firm Solid Group Inc. (SGI), the company behind the MyPhone mobile brand, is forming a new subsidiary to handle the company’s future investments and ventures.
In a disclosure to the stock exchange, the company said it will incorporate MyApp Corp. with a P10 million investment.
“It is expected to improve the business and financial condition of SGI,” SGI said.
MyApp will be set up as holding firm for SGI’s future ventures and SGI will have 100 percent ownership in the unit, which will have a total of 100,000 common shares at P100 apiece.
SGI reported a pretax loss of P160 million for the first six months of the year from a pretax profit of P118 million in the same period last year due to losses in the real estate segment and higher operating costs and cost of sales.
However, revenue in the six months increased 7 percent to P1.973 billion from P1.845 billion due to higher revenues of the distribution segment.
The Lim family-owned SGI is involved in various businesses including multimedia (Solid Broadband Corp. and MyPhone); manufacturing (Solid Laguna Corp. and Kita Corp.); distribution (Sony video equipment distributor Solid Video Corp. and logistics firm Omni Logistics); services (Solid Electronics Corp. and Solid Manila Finance Inc.); and real estate (Solid Manila Corp., Zen Towers and Starworld Corp.).