In a disclosure to the Philippine Stock Exchange, SGI said the first phase of the development will involve the construction of a 28-story tower. The initial amount required by Solid Manila for the project will be advanced by SGI.
SGI also said that it will double its total investments in bonds, equities and other investment instruments to $10 million from $5 million. The investments will be made through a wholly-owned offshore unit.
Moreover, SGI has approved the purchase of the holdings of Japan’s Sony Corp. and Sony International (Singapore) Ltd. in majority-owned units SSEC Inc. and Precos Inc., respectively, for a total of P40 million.
Sony Corp. has a 32.5-percent stake in SSEC Inc., while Sony International has a 40- percent interest in Precos Inc.
"By virtue of the said purchase, SSEC Inc, and Precos Inc will become wholly-owned subsdiaries of SGI," SGI said.
The management of SGI has identified major businesses potentials in the broadband cable infrastructure business, which includes providing connectivity for data, Internet and media transmission services, and the utilization of its prime real estate holdings. SGI is licensed to manufacture and sell Sony and Aiwa products locally.