MyPhone maker creates new holding firm

MANILA, Aug 22 (PNA) — The manufacturer of local mobile phone brand MyPhone, Solid Group, Inc., will incorporate a new holding firm that will invest for the future businesses of the company.

Solid Group said in a disclosure to the Philippine Stock Exchange (PSE) Friday that the new subsidiary will be named as MyApp Corporation in which Solid Group will hold 100-percent stake in the new firm.

Authorized capital stock for MyApp is Php 40 million.

Stock price per share is at Php 100.

Solid Group ventures are in multimedia, manufacturing, distribution, services, and real estate.

Aside from MyPhone, Solid Group has brought Sony and Samsung brands in the Philippine market. It also owns and operates MyDestiny cable and internet.

During the first half of the year, Solid Group’s gross revenue reached more than Php 2 billion from last year’s Php 1.95 billion. (PNA)