EconomyEditor's PickSolid Group to acquire electronics retailer

November 10, 2022

Solid Group, Inc.’s board of directors has approved a plan to acquire Avid Sales Corp. for P100.2 million, the firm said on Thursday.

In a disclosure to the Philippine Stock Exchange, the company said the acquisition “will expand the current distribution business segment of Solid Group.”

The acquisition price is less than 10% of Solid Group’s total consolidated assets and is less than its threshold amount for material related-party transactions.

According to its website, Avid Sales retails and markets audio and video electronics. It is also into information technology products related to audio and video services. It has a total of 26 retail stores mostly in Metro Manila malls.

Avid Sales is a privately held company of the Lim family, also the majority stockholder of Solid Group.

In its disclosure, the company said that the acquisition will be submitted for ratification at its next stockholders’ meeting, which is scheduled on the last Thursday of June each year. Solid Group, an investment holding company, has other electronics-related subsidiaries including SolidService Electronics Corp., My Solid Technologies & Devices Corp., and Omni Solid Services, Inc.

On the stock market on Thursday, shares in Solid Group added two centavos or 2.47% to 83 centavos each. — Justine Irish D. Tabile

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: SmartPeopleMail.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartPeopleMail. All Rights Reserved.

IT'S YOUR OPPORTUNITY OF THE YEAR!
Subscribe for FREE today and get your daily shot of smart news about the Economy and Investing.
We are dedicated to keeping any data we collect from you — safe and secure. Here you can read our privacy policy.