Electronics firm Solid Group Inc. said its capital expenditure will reach P550 million this year for its property projects and cable business.
In a financial report, Solid Group said the amount would be set aside as its working capital for the year and would be used to complete the first phase of its Tri-Tower residential condominium project, construction and development of a real-estate project in China, and upgrade of its data and cable Internet and satellite equipment under Solid Broadband Corp.
Solid Group said the capex would be financed through a combination of internally generated funds and borrowings.
Zen Towers Corp., Solid Group's property subsidiary, is undertaking its initial project, the Zen Tri-Tower condominium building in Manila’s Ermita district, which is estimated to cost P1.5 billion.
Solid Group recently acquired Phil-Nanning Consortium Inc., a Philippine company doing a 3.9-hectare property project in Nanning City, in China’s Guangxi province, in a China-ASEAN business district.
The project involves construction of several multistory buildings intended for residential, commercial and office use.
Part of the project is construction of a Philippine Pavilion for the use of the Philippine government in China. Elizabeth Sanchez-Lacson; edited by INQUIRER.net
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