MyPhone parent forms new subsidiary MyApp to boost business and bottom line

Solid Group Inc., the holding company behind the local MyPhone brand, is putting up a subsidiary to boost investments in its businesses.

 

In a disclosure to the Philippine Stock Exchange, Solid Group said it is incorporating MyApp Corp., which will invest in future businesses of the parent firm.

 

It will have an authorized capital stock of P40 million divided into 400,000 shares at P100 apiece.

 

"It is expected to improve the business and financial condition of SGI," the disclosure read.

 

Solid Group was incorporated on October 9, 1933 as United Paracale Mining Company before changing to its corporate name in 1998. – Danessa O. Rivera/VS, GMA News