Solid Group spins off mobile, TV, digital gadget units into new firm

MANILA, Philippines - Solid Group Inc., the flagship firm of the family of businesswoman Elena Lim, has spun off its mobile phone, LCD television and digital devices businesses into a new company initially capitalized at P100 million.

In a disclosure to the Philippine Stock Exchange, Solid Group said its board approved the incorporation of a new wholly-owned unit to be called My Solid Technologies & Devices Corp. 

The new firm shall engage in the manufacture, sale and importation of various types of digital communication devices, information technology, broadband and audio-video equipment, gadgets and accessories as well as undertake product research and development. 

Solid Group earlier said it expected sales from its mobile phone business to grow three-fold this year to P1.5 billion due to the strong take-up of its dual active SIM, which carries the brand My Phone.

My Phone is the first Filipino brand of mobile phones made in China and is specifically custom-made to suit Filipino preferences.

Solid Group launched its line of LCD televisions under the brand My Screen. They are bundled either with the Destiny cable TV service or Solid broadband Internet, or both.

The group said the potential for LCD television in the Philippines is huge.

While there are around one million TV sets being sold every year, 32 percent is still accounted for by conventional TV sets. However, this share of the market has gone down by eight percent compared to last year and still continues to decline.