Solid Group acquires real estate company with projects in China

A unit of listed consumer electronics and technology firm Solid Group Inc. has acquired 100 percent of Phil-Nanning Consortium Inc. (PNCI), a Philippine company that will undertake a real estate project in China.

In a disclosure to the Philippine Stock Exchange, Solid Group said its unit Precos Inc. acquired PNCI, which will build several multi-storey residential, commercial and office buildings in Nanning City in China’s Guangxi province.

The project will rise on a 3.9-hectare property within the China-ASEAN business district which has been designated for the Philippines.

Solid Group said the project will also include the construction of a pavillion for use by the Philippine government.

PNCI, which has obtained the Chinese government’s approval as a qualified foreign investor, will own 51 percent of the project.

In view of this development, the PSE suspended trading in Solid Group shares pending disclosure of the complete terms and conditions of the transaction.

Solid Group earlier said it expected 2008 to be a turning point for the group as it goes full blast on the expansion of its real estate and dual SIM mobile phone operations.

The group expects to rake in P2.3 billion in revenues, mainly driven by sales of its touchscreen dual SIM phones and its maiden residential condominium project in Ermita, Manila called Zen Towers.

Among the mobile phones earlier launched by the company are the Myphone T22 Duo, the first dual active SIM mobile phone in the Philippines.  T22 Duo has two SIM slots to ensure simultaneous activation of both lines and is compatible with all networks.

The company said that capital expenditures for 2007 reached P115 million for the completion of phase I development of Tri-tower residential condomonium, development of phase 2 of Calamba Premier Industrial Park, renovation of building and acquisition of other properties.  Another P256 million was used for the upgrade of the data and cable Internet and satellite equipment.