Solid Group Inc.

2/F Solid House, 2285 Chino Roces Ave. (formerly Pasong Tamo Ext.), Makati City 1231

Financial Highlights:1

Solid Group, Inc. (SGI) is a holding company that engages in various businesses through its subsidiaries. These include the: 2

  1. sale of mobile phones, MyPhone;
  2. after-sales services for principally SONY brands of audio and video consumer electronic products and MyPhone digital devices;
  3. manufacture and sale of digital communication devices, and broadcast and professional video equipment;
  4. financing and investments and other related services;
  5. warehousing and logistics services to third parties;
  6. development, lease and sale of real estate properties, and of industrial estates in joint venture with Samsung Corporation of Korea;
  7. manufacturing and sale of prefabricated modular house and office units, My|house; and
  8. operation of Green Sun Hotel, started on October 29, 2014 that offers 144 guest rooms, 13 serviced apartments, three penthouse suites, a fashion boutique, three food and beverage outlets, and a function hall.

Details of the revenue per business segment is presented below: 3

Majority of SGI’s revenues come from the digital mobile devices segment which involves sale of mobile phones and devices. Property and building services involves leasing, and sale of industrial and other real estate properties, sale of prefabricated modular houses and hotel operations. Technical support and solutions involves the sale of professional audio and video equipment, after sales services and warehousing. Investment and others segment include investment holding companies, and financing and credit extension.

The property and building services segment declined from 2015 to 2016 due to the sale of SGI’s investment in Phil-Nanning Consortium, Inc. (PNCI) to Solid Company Limited. This resulted to a 99% decrease in the sale of real estate amounted to P12 million, from P1,788 million in 2015 presented below.

Sale of goods reached P5,393 million in 2016 achieving growth of 36% from P3,952 million in 2015 mainly due to higher sales of digital mobile devices segment. Part of the sale of goods is the sale from predefined modular houses which experienced setbacks from the delayed and cancelled projects resulting in 56% decline in revenue from P56 million to P24 million in 2015. 4

In 2017, sale of goods amounted to P2,359 million for the first nine months, lower by 41% from P4,011 million for the same period in 2016 mainly due to lower sales of digital products. 5

Corporate Structure

SGI’s corporate structure is presented below: 6

Solid Broadband Corporation (SBC), obtained a congressional franchise to construct, operate and maintain telecommunications systems throughout the Philippines under Republic Act No. 9116 which took effect on April 15, 2001 for a term of twenty-five (25) years. 7

In 2016, Precos, Inc. sold SGI’s 100% shareholdings in Phil-Nanning Consortium, Inc. to Solid Company Limited for a total consideration of P 296.3 million. The proceeds of the sale will be used to reinvest in the development of Precos’ property in Laguna. Mr. Joseph Lim, a director of SGI, is the majority stockholder and one of the directors of Solid Company Limited. 8


As of December 31, 2016, the Company has 2,030,975,000 total issued common shares with 1,821,542,000 common shares outstanding, and a total of 4,309 common shareholders with the top 5 shareholders presented below:

The table below sets forth each member of the Board and Executive Officers of SGI:

Other than with SGI’s subsidiaries, the directors and officers also hold various positions in other companies presented below:

  1. Solid Company Limited – Chairman Joseph Lim
  2. Security Land Corporation – Vincent S. Lim as Independent Director
  3. Nature’s Harvest Corp. and QC Investments Pty. Ltd – Quintin Chua as Managing Director and as president, respectively
  4. Union Bank of the Philippines, Philippine Banking Corporation and Boston Bank of the Philippines – Maria G. Goolsby as Senior Vice President
  5. Mabuhay Holdings Corporation – Chairman Roberto V. San Jose, Assistant Corporate secretary Ana Maria A. Katigbak

Aside from the mentioned above, the SGI’s Corporate Secretary, Roberto V. San Jose is the Corporate Secretary of Alsons Consolidated Resources Inc., Anglo-Philippine Holdings Corporation, Beneficial Life Insurance Corporation., Inc., FMF Development Corporation, The Metropolitan Club, Inc., United Paragon Mining Corporation.

Also, he is the Corporate Secretary of Premiere Horizon Alliance Corporation, Marcventures Holdings, Inc, Vulcan Industrial and Mining Corp. where Ana Maria A. Katigbak is the Assistant Corporate Secretary. In Minerales Industrias Corporation and Energy Development Corporation, Ana Maria A. Katigbak is a Corporate Secretary.

Some of the directors and officers are also directors in Hexagon Financing Corp., Interport Resources Corporation and Anglo-Philippine Holdings Corporation.

Family Relationships10

Elena S. Lim is married to Joseph Lim. Their children, namely, Susan L. Tan, David S. Lim, Jason S. Lim and Vincent S. Lim are all directors and executive officers of SGI. Lita Joaquin, treasurer of the Company, is the niece of Joseph Lim.


Business developments12

SGI, through Zen Towers Corporation, initiated the construction of the Tri Towers condominium building. The construction of Tower 1 and Tower 2 was completed in 2008 and 2012, respectively, while the construction of Tower 3 has not yet started as of December 31, 2016.

SGI’s subsidiary, Solid Manila Corporation, allotted capital expenditure of approximately P200 million in 2016 for the construction of a 6-storey office building on Araneta Avenue, Quezon city and a 4-bay Warehouse in Sucat, Paranaque City target to be completed in 2017 adding over 9,000 sqm. rentable space to contribute on SGI’s rental revenues. An additional amount of P10 million was invested in its idle properties in Cebu and Bacolod to build some leasable commercial spaces. 13

Legal proceedings14

SGI’s subsidiary, Solid Manila Corporation is involved in a litigation covering a certain portion of land amounting to P4.9 billion in Pililia, Rizal as the subject of expropriation coverage under the Agrarian Reform.

Solid Manila Corporation filed for a Petition for Higher Valuation of Land before the Provincial Agrarian Reform Adjudication Board of the Department of Agrarian Reform for its parcel of lands in Cabanatuan City on 2007. Land Bank amended the valuation of the land and tendered an Amended Offer of P14.97 million however, Solid Manila Corporation has applied for an amended valuation of P16.4 Million Pesos. As of April 2017, Solid Manila Corporation is complying with the related documentation requirements.

Key considerations

  • Despite SGI’s disposal of investment in Phil-Nanning Consortium, Inc. that resulted to 99% decrease in the sale of real estate, SGI has continuous property developments for the sale and lease of real estate properties. As of December 31, 2016, SGI has a total of 291,340 sq.m. properties owned through its subsidiaries, 39% of which is building and warehouse for lease located in Laguna, Parañaque and Bulacan. 15
  • Green Sun Hotel Management Inc. was incorporated to focus on hotel operations of Green Sun hotel, Casa Bocobo Hotel Inc. and support the 100-room Dormitory project in Quezon city ready for occupancy in the last quarter of 2017.13
  • In 2016, 81% of SGI’s revenues come from sale of mobile phones. Due to tough competition in mobile phone industry which affected the SGI’s market share, SGI will gear towards new marketing channel to achieve broader market on the mobile phone industry. 16 The first nine months of 2017 showed lower revenues from the same period in 2016 mainly due to lower sales of digital products. 5


  1. SGI SEC 17-A 2016,
  2. SGI SEC 17-A 2016, p. 7,85
  3. SGI SEC 17-A 2016, p. 118, 21,22
  4. SGI Annual Report 2016, p. 7
  5. SGI SEC 17-3Q, p. 4
  6. SGI Group Corporate Structure,; SGI SEC 17-A 2016, P. 187
  7. Republic Act No. 9116,
  8. SGI SEC 4-30, & SGI Annual Report 2016, p. 6
  9. SGI SEC 17-A 2016, p. 17,55
  10. SGI SEC 17-A 2016, p. 57
  11. SGI SEC 17-A 2016, p. 18 & SGI SEC 17-3Q, p. 76
  12. SGI SEC 17-A 2016, p. 127
  13. SGI Annual Report 2016, p. 6
  14. SGI SEC 17-A 2016, p. 133, 13
  15. SGI SEC 17-A 2016, p. 12
  16. SGI SEC 17-A 2016, p. 35

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