Solid Group's subsidiary to take over mobile phone, LCD business

MANILA, Philippines - Solid Group Inc. (SGI) said its mobile phone, liquid color display, and digital service businesses will be subsumed under its new subsidiary, My Solid Technologies & Devices Corp. The newly-incorporated company will also be “engaged in the manufacture, sale distribution, importation of various types of digital communication devices, information technology, broadband and audio-video equipment, gadgets and accesories as well as undertake product research and development," SGI said in a disclosure to the Philippine Stock Exchange (PSE). The company has a capital of P100 million. Earlier, another SGI subsidiary, Precos Inc., fully-acquired Phil-Nanning Consortium Inc., a company that will develop a real-estate project in Nanning City, Guangxi Province. Besides owning 51 percent of the project, PNCI has also secured approval of the Chinese government as a qualified foreign investor. SGI’s interests range from electronics to real estate, with 11 wholly owned subsidiaries include Solid Broadband Corporation, Solid Electronics Corporation, Solid Video Corp., Solid Manila Corporation, Omni Logistics Corporation and Zen Towers Corp. SGI also owns cable operator My Destiny. - GMANews.TV