Posted on February 23, 2011 09:55:49 PM [ BusinessWorld Online ]
LISTED SOLID Group, Inc. is laying the groundwork for its entry into the business of building modular homes.
In a disclosure to the stock exchange yesterday, Solid Group said its board had authorized the management to study and explore the “feasibility of engaging on the business of setting up modular housing units using pioneer technology.”
The holding firm plans to spend P20 million for the importation of modular equipment and for the setting up of pilot units.
Parts of modular houses will be built in factories before being assembled at housing sites.
Aside from real estate, Solid Group is also into distribution and after-sales service of electronic products.
It is also the maker of MyPhone mobile phones.
In the nine months that ended in September last year, profits of Solid Group attributable to equity holders of the parent firm fell to P90.4 million from P123.98 million in the previous year due to higher selling and distribution costs.
Shares in Solid Group, which has a market value of P2.06 billion, were unchanged at P1.13 each yesterday. -- Neil Jerome C. Morales
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