SEC Form 17-A: Annual Report - the solid group inc website

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Notes:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
Incorporated and domiciled in the British Virgin Islands
Indirectly owned through SC
Pre-operating or non-operating
LIIP is 22.5% owned by SC and 37.5% owned by Interstar
Indirectly owned through SMC
Starworld is 20% owned by SMC and 40% owned by Skyworld
Indirectly owned through Precos
Indirectly owned through PNCI; incorporated and domiciled in the People’s Republic of
China (PRC)
(i) Incorporated in 2009 and started commercial operations in January 2010
(j) Acquired in 2010
(k) Merged; with SMC as the surviving company, effective January 1, 2012
(l) Merged; with SLC as the surviving company, effective January 1, 2012. On
March 19, 2012, the Securities and Exchange Commission (SEC) approved the change in
corporate name of SLC to OSSI.
(m) Merged; with My Solid as the surviving company, effective June 1, 2012
SBC holds a provisional authority, granted by the National Telecommunications
Commission (NTC), to use its legislative franchise under Republic Act (RA) No. 9116,
An Act Granting Solid Broadband Corporation a Franchise to Construct, Install, Establish, Operate
and Maintain Telecommunications Systems throughout the Philippines (see Note 27.3).
SMFI is subject to the rules and regulations provided under RA No.8556, The Financing
Company Act of 1998.
SGTC was incorporated to engage in the development and implementation of
information and communications technology systems and applications. On
February 22, 2011, the Board of Directors (BOD) and stockholders of SGTC approved
the amendment of SGTC’s articles of incorporation to change the Company’s primary
purpose. This amendment was approved by the SEC on March 22, 2011 and starting
this date, SGTC’s primary purpose is to engage in, operate, conduct and maintain
business of designing, manufacturing, installing, importing, exporting, marketing,
distributing or otherwise dealing in at wholesale and retail prefabricated modular house
and office units.
1.2 Status of Operations and Mergers
(a)
Sale of SBC’s Assets
In a special meeting held on May 11, 2012, the BOD of SBC approved the sale,
assignment, transfer and conveyance of the assets, contracts and licenses of SBC
to a third party. The assets identified to be included in the sale are SBC’s property
and equipment, a significant portion of its trade receivables and inventories, as
well as contracts, permits and licenses that are used in carrying out its operations.
Such sale transaction was consummated in 2012. Consequently, SBC’s ownership
on the identified assets, related contracts and licenses directly attributable to the
Company’s operations has been transferred to the third party (see Note 27.3).