Solid Group Inc. (SGI), through its wholly owned subsidiary Solid Manila Corp, has sold its 31,423 square meter property in Balintawak, Quezon City for P1.23 billion.
SGI said in a disclosure to the stock exchange, proceeds of the sale will be recorded “as an increase . . . in cash and assets and a corresponding decrease in real property assets.”
“The value of the transaction represents 9 percent of the consolidated total assets of Solid Group Inc,” the company said.
The Balintawak property has been the site of the company’s office building. It has a total of 142,352 square meters of gross leaseable area in various areas in Metro Manila and in the provinces.
SGI has properties in Bacoor, Cavite; Cagayan de Oro; Chino Roces Avenue, Makati City; Clark, Pampanga; Iloilo; Laguna; Paranaque City; Ermita, Manila; and Valenzuela, Bulacan.
SGI said estimated “capital expenditures [capex]for the year 2015 to amount to P100 million” for real estate development and various property acquisitions. The company said the capex would be sourced from internally generated funds of the company.
Last year, the company recorded a net loss of P188 million against the P145 million net income in 2013 due to the reported losses of distribution and property business, as well as lower operating sales of the support, services and other segments.
SGI is the company behind the MyPhone mobile brand.
It 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.).