Wednesday, February 13, 2008
Still Slow Browsing
Destiny recently increased the speedcap of its subscribers to atleast 1Mbps but despite the noticeable increase from bandwidth results, browsing has remain very slow especially websites outside the Philippines.
Labels: cable-internet, news
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Posted @ 2/13/2008 10:19:00 PM | 4 comments
Tuesday, February 12, 2008
MyDestiny Increases Speedcap to 1Mbps
TipidPC users are now reporting that downstream speedtest results are reaching atleast 950kbps. Download and browsing speeds also improved. But still, capping at 1Mbps is contrary to their claims of "No Speed Limit".
Labels: cable-internet, news
CLICK HERE TO READ COMPLETE STORY
Posted @ 2/12/2008 04:30:00 PM | 0 comments
Monday, February 11, 2008
MyDestiny Caps Speeds to 512kbps
We made some bandwidth metering on speedtest.net, GlobeQUEST, SKYinet, and mydestiny's own bandwidth meter and all the results confirmed a bandwidth cap.
Results are consistent. None of them ever broke the 512kbps barrier, even MyDestiny's very own meter barely reached 512kbps. Though the speeds now are almost within the promised minimum rate, this is still against the claim of no speed limit.
Tests were taken randomly and all of them yielded the same result whether it's in the wee hours of the morning or at peak hours.
Labels: cable-internet, speedtest-results, subscriber-complaints
CLICK HERE TO READ COMPLETE STORY
Posted @ 2/11/2008 11:41:00 PM | 0 comments
Normal speeds next week?
Juck, a TipidPC user, emailed Destiny's technical support regarding the very slow connection we are currently experiencing and got a generic looking reply.
Good day!
Please be advised there is still an ongoing isolation on our server. Defective routers were replaced last Wednesday and we're still capturing the necessary data. Due to this, server capacity is not 100% as of the moment.
There will be a gradual increase on bandwidth which is expected to normalize this coming week.
Thank you for bearing with us.
Very truly yours,
Customer Care - Internet Solid Broadband Corp. Why are they taking this long to complete a simple router replacement? 1 month?! So if you're to believe them, expect an increase of browsing and download speed next week. And no more speed capping!Labels: announcements, cable-internet, news
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Posted @ 2/11/2008 07:17:00 PM | 0 comments
Sunday, February 10, 2008
An Open Letter to the Billing Department
Originally posted by batang_raon14 at PinoyPC on July 13, 2007
Good day!
I am xxx, a student of xxx, whose father is a subscriber of both your CATV and Broadband services.
I have sent this e-mail to inform you, specifically, the Billing Department, that my parents aren't pleased with the way your mail messengers deliver our billing. Delivering the mail at any time of the day is fine, but having to continuously press the door bell to the point that my mother would have to go out furious just to sign and receive the mail is absolutely inexcusable and rude for a customer. By noon, most of the people at home take a nap off the hard work we do at a daily basis, and I believe you know, as well as I do, that disturbing a well-deserved sleep just to sign and receive a mail, wherein fact your mail man could just drop it off our mail box is rather disappointing in the customer's point of view. What is the point of having a mail box if you still have to go down just to receive a mail that can be dropped on the box anyway?
I would like to inform you that being subscribed on your services for years now, there were no instances that we did not receive your billing nor did we skip paying the bill. You may check on your records if you may, so that you may at least know that we've been one of your loyal subscribers for some years now. So, where does the need of having to sign a mail of billing, just to ensure we received it, come from? If we received your billing then, don't you think it's logical that we'd be receiving it the next time? So why the need of signing and receiving tenths of times? Why the need to be deprived of our noontime rests? Please, do enlighten me.
This complaint has already been called in by my mother through your hotline for three times now. Add to that, she also went directly onto your office in Chino Roces just to speak to the Officer-in-Charge and tell you how much of an inconvenience this "signature-required" mail has been in our daily living, yet after all the hassle she's been through just to let you know, it seems all has fallen on deaf ears. Tell me, is this how you treat a customer complaint? After having been subscribed to your service, can't you at least give us the benefit of the doubt that you can at least sermon your men and tell them countless and countless of times that, "When you deliver this mail at XXXX Everlasting St., Ph. 8, Marcelo Green Village, Paranaque, don't ever, ever, disturb anyone nor ring the bell, just drop off the mail in the mail box."? Or are mail men more important than subscribers? I hope that's not the case. If you already sermoned your men and they still kept disturbing us, then perhaps, with all due respect, you may have to remove those in charge and replace them with a competent one.
Our last billing, which was delivered today, did the same thing we've been complaining for countless of times already. We are currently sleeping and the mail man just can't stop ringing the door bell to the point that someone, furious enough, would go down and sign the mail. It has now come to the point that my parents are opting for a disconnection. Tell me, does it really have to reach to this point? Just because you can't lecture your mail man or at least those who are in charge of mailing, it arrived to the choice of opting for disconnection? This is very disappointing as a customer.
I hope, that for the last time, that this e-mail would finally reach you and let you know of the inconvenience your billing delivery has given us. Our complaint has fallen on deaf ears, but I hope that this e-mail of our complaint wouldn't fall on "deaf" eyes. As a member of this family and as the one who opted to subscribe on to your services, I would like to inform you that this would be our last notification of our complaint to you. If, by the next time the billing arrives and nothing changes, then may I say now, that it has been a pleasure to be subscribed on your services for years, but unfortunately, you failed to answer the simple demand of this customer.
Thank you for taking the time to read this complaint. God bless!
Faithfully yours, xxx
Originally posted by batang_raon14 at PinoyPC on July 13, 2007
Labels: billing-issues, cable-internet, subscriber-complaints
CLICK HERE TO READ COMPLETE STORY
Posted @ 2/10/2008 08:40:00 PM | 0 comments
Old MyDestiny sDSL Complaint
Originally posted by mydestinysucks at Gov.PH on June 13, 2006
We have exactly the same problem Netizen97... I live at California Gardens Square. My subscription to Mydestiny started late May. How I wished I read your post here before I subscribed!
The unlimited plan 1688 (512kbps) turned out to be slower than dial-up internet speed (less than 56kbps)! Well, I'm actually luckier than you because I'm able to talk to technical support often, but all my conversations with them led to no improvement whatsoever on the speed of my connection. They kept on saying that people will be coming to the condo to troubleshoot and fix the connection. They kept on mentioning that there's a problem with the 2 main modems that are installed in the condo. This is where all mydestiny subscribers in the condo are connected. But I noticed that things only got worse. I also sent an email to technical support and to the alleged tech support supervisor (jlc@mydestiny), but nobody has replied to me yet.
DO NOT SUBSCRIBE TO MYDESTINY DSL. YOU WILL ONLY WASTE YOUR MONEY AND PRECIOUS TIME CONTACTING CUSTOMER SUPPORT AND WRITING MESSAGES LIKE THIS ONE.
Originally posted by mydestinysucks at Gov.PH on June 13, 2006Labels: high-rise-sdsl, subscriber-complaints
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Posted @ 2/10/2008 08:16:00 PM | 0 comments
Old MyDestiny sDSL Rant
Originally posted by Netizen97 at Gov.PH on April 18, 2006
THEIR COME-ON: MyDestiny's newest promo.
Get Broadband Internet for only P 500.00!
We're giving away hi-speed Internet at an affordable price. Experience break-neck speed with the country's most affordable broadband Internet service provider.
Call us at 841-9393 and press 1 for Sales for more inquiries.
THE PROMO: You pay 1k for 2 months (that's 500/mo)and you're supposed to get high-speed internet. On the 3rd mo onwards, the rate will be at 1,688/mo.[Here at Greenhills Garden Square Condominium, they will tell you that you'll get a speed of 512 kpbs to 1 mbps. Cool!]
THEIR LIES:
SPEED: Break-neck speed registers at 154kbps. Worst net connection I had: 0.0kbps! Well, results of bandwidth test so far: 0.0kbps, 3.90kbps, 9.70kbps, 45.50kbps and 116.60kbps.
CUSTOMER SERVICE: Press 1 for Sales and you'll be entertained at break-neck speed. Once you've subscribed, press 2 for Technical Support and you'll be lucky to get through any one of their maintenance team. You will be redirected to a voice message on their 24/7 customer hotline. The "within-20-minutes-you-will-receive-a-call sales talk" when you text them your area code username and contact no. is actually another one of their many LIES. You are lucky to get a call within an hour or so. When you do get a call, they will hear you alright and promise to get back to you for feedback, and again, THEY WON'T. So, YOU TEXT THEIR 24/7 CUSTOMER TEXT HOTLINE AGAIN, AND AGAIN, AND AGAIN.
SCHEDULE OF MAINTENACE TEAM: Here at GGS or Greenhills Garden Square Condominium, the sched is every Tues & Fri. So cancel all your appointments during these days if you encounter net trouble (w/c is frequently), and wait till kingdom come. If they don't make it, when you meet, they will tell you that they did go to your unit but then only the housemaid was around. [I DON'T HAVE A MAID!]. Another excuse they will give you: maybe they have gone to the wrong unit. LAME! Or they will say: "The security guard said you've left." [I WAS JUST IN THE UNIT ALL ALONG].
WHAT TO DO: If you are from GREENHILLS GARDEN SQUARE CONDO - you have no choice because MyDestiny is the only service provider allowed in the building (talk about monopoly)..or JUST USE INTERNET CARDS..
If you are not from GGS and are enticed to subscribe: JUST DON'T!...unless, the connection in your area is not as messed up as in my area and that they will be able to deliver their f#@!*^! sales lies. (quezon city)
Originally posted by Netizen97 at Gov.PH on April 18, 2006Labels: high-rise-sdsl, subscriber-complaints
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Posted @ 2/10/2008 08:08:00 PM | 0 comments
Subscriber abandoned by destiny
Hello Everyone, I wish to share my experiences with Destiny Internet.
I subscribed a couple of years ago. Although I had a couple of minor issues in the beginning, I was able to get a decent connection for over 18 months. average 600kbpsD - 200KbpsU of which I was thankful. Those were the days...
Now come March 2007, I had numerous issues with Destiny. I have had my bouts of No internet service with the modem simply refusing to grab an IP address (online blinking)
I would normally call their CS who gladly log the problem and apologize for the inconvenience. Within a couple of days, a destiny technician would come over, fix the connection and be on his way. Upon inquiry, the technician says that my problem is the Router attached to my system.
"Yan ang nakakasira o nag break sa connection ninyo"
Ok, I thought, so I give them the benefit of the doubt and simply hard wire my PC to the modem without the router.
However, I still have the same problems of my modem just dropping the internet connection. In order to get my internet back on, I have to reboot the modem(power cycle on/off) several times in order to get the darn thing started again.
Now, I call CS, sasabihin nila logged for maintenance ako pero after a dozen calls, wala naman pumupunta dito. Nagsawa na yata ang mga kolokoy na pumunta sa amin para ayusin.
"Anak ng Tokwa, every few hours kinakalikot ko ang modem para lang maka connect ng maayos"
Gusto ko sanang itanong kung ganito rin ang na-experience ninyo sa Destiny o baka naman may duwende sa may modem ko
Mabilis talaga ang speed (I can do up to 230k speed on azureus) pero kung patay patay modem, medyo nakakainis.
Originally posted at PinoyDSL.net on December 17, 2007 by nogoodisp
Labels: cable-internet, technical-advice
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Posted @ 2/10/2008 07:49:00 PM | 0 comments
New Submission Form
Don't have access to your email? Then you may use the form below to send your stories, complains, technical help etc.
*Required field
Labels: announcements
CLICK HERE TO READ COMPLETE STORY
Posted @ 2/10/2008 05:00:00 PM | 0 comments
Saturday, February 9, 2008
"No Speed Limit" No More?
Destiny promised all of its subscribers a connection with limitless speed, or what the technical support people call as "open bandwidth". But for the past weeks, this isn't the case. Either our speeds are just a few bits faster from dial up or even slower than dial-up.
Users from TipidPC.com recently noticed that our bandwidth has been capped to 500kbps. (Editor's Note: You can see results here and here.)
Judging from the results on TipidPC, one could conclude that our bandwidths have been capped by Destiny. Most of the people posting there are new cable internet subscribers like me. I have been duped into signing because of the marketing slogan "No Speed Limit".
Now the question, do we cable internet subscribers have the right to sue MyDestiny for deception? Isn't this a breach of contract? We were promised unlimited bandwidth and now are speeds are capped without any official statements or announcements.
Submitted by: Ramon, subscriber since December 2007 Graphics by mydestiny Chronicles
Labels: cable-internet, legal-advice, subscriber-complaints
CLICK HERE TO READ COMPLETE STORY
Posted @ 2/09/2008 08:44:00 PM | 2 comments
MyDestiny sDSL Service
Unknown to many, MyDestiny is currently offering SDSL service for multi-dwelling units or condominiums in Metro Manila. If you're currently subscribe to MyDestiny sDSL, we would like to hear from you. Just send us an email stating your experience with the sDSL service.
High-Rise Solution (SDSL)the latest service offering from MyDestiny.
In partnership with Samsung and Overnet of Korea, MyDestiny in its commitment to provide the latest in technological advancement offers the local market an alternative solution to the growing data service needs.
SDSL supports data rates up to 2 Mbps. High-Rise Solution works by sending digital pulses in the high-frequency running thru both our HFC and terminates thru a regular phone line. Here are the available selected Multi-Dwelling-Units (MDU's) that offers MyDestiny sDSL:
Makati City 8 Wack Wack Four Seasons Condominium Galleria De Magallanes Nobel Plaza One Lafayette Parklane Condominium Radisson Tower Skyland Tower Solid house Building The Peak Tower Tiffany Place West Tower Cityland Pasong Tamo Munsan 1 Promax Place Sunrise Terraces Condo 2 Salcedo Place
Manila Dasmarinas Corporate Center Don Alfonso Sycip Condominium Dynasty Twin Towers Imperial Bayfront Tower Imperial Sky Garden Le Mirage Legaspi Tower 300 Meiling Tower Providence Tower Regina Garden II Condo World Trade Exchange La Granda Mansion Manila Astral Sky one Tower Torre Lorenzo Velagio Tower Malate Crown Plaza
Mandaluyong California Garden Square Governor's Place Paragon Plaza Wack Wack Twin Towers
Pasay City Appleton Carlmig Suites Asiawealth
Pasig City Rennaisance 3000 Grand21 Place
Quezon City ACL Residential Suite ACL Suites Columbia Garden Crown 88 Eastwood Excelsior La Fayette 2 & 3 Lansberg Place Olympic Heights One Burgundy SJB Centro Plaza XavierVille Royalle Prince Gregory Condominium
San Juan Atlanta Centre Goldland Plaza Goldland Tower Greenhills Garden Square Greenhills Mansion One Beverly Place One Wilson Place Strata Suite The Eisenhower Xavierhills Condo Eisenhower CondoLabels: high-rise-sdsl
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Posted @ 2/09/2008 06:35:00 PM | 0 comments
Slowdowns caused by surge of new Global Destiny CATV subscribers?
When the Solar Channels (Basketball TV, JackTV, Solar Sports, Etc.) on SKYCable were terminated at the start of this year, a lot of unhappy SKYCable subscribers immediately transferred to Global Destiny. Coincidentally, most MyDestiny Cable internet subscribers experienced the slowdown at the start of this year. Browsing has been slow and speedtests results were like of a dial-up connection.
The same thing happened several years ago when Star TV pulled the plug on their Star Channels on SKY Cable. A lot of SKY Cable subscribers migrated to Destiny Cable TV just in time for the NBA Finals. During the exodus, bandwidth of Destiny Cable Internet subscribers were reduced from 512kbps to 128kbps-256kbps without any official announcements at all.
When the Star Channels were removed from Destiny just to return to SKY Cable as "exclusive" channels, Destiny again lost a lot of CATV subscribers. Destiny then merge with Global Cable and separated its broadband services. Destiny began introducing unlimited or unmetered speeds to their cable internet subscribers until now.
As of today, Destiny / Solid Broadband Corp. still claims that there are "defective" hardware being replaced. It's up to you guys to believe.
Here's an exceprt from Wikipedia about the Solar Channel issue:
Removal of Solar Entertainment's Channels.
There were rumors that Basketball TV will be removed on SkyCable early next year and the Balls channel, that is under test broadcast will be the replacement. Some people speculate that this move by Sky and/or Solar will really disappoint avid basketball fans especially those who subscribed to SkyCable just only to watch NBA games live. Reports broke out stating that all Solar's Channels will be removed on SkyCable starting January 1, 2008. Some say there has been a feud between ABS-CBN Sports and Solar Entertainment, while some say its due to a bad deal between two parties. This explains the new channels SkyCable will be airing. Time will tell if subscribers will again switch to the competitor and how can Sky manage such loss of subscribers and how can Sky handle the loss of such great channels on their line-up.
Phil. Star Article, Entertainment Section page C-7 Sept. 6: In its bid to bring subscribers the best program choices, SkyCable recently announced programming enhancements that will introduce all-new and exciting channels produced both by well-established international cable brands and locally syndicated ones. Skycable will be one of the first cable providers in the world to carry AXN Beyond by Jan. 1, 2008. A spin-off channel of the widely popular action adventure station, AXN, which is a Sony Pictures Entertainment company. AXN Beyond will spotlight more sci-fi, supernatural, paranormal and out-of-the-ordinary shows like The Dresden Files. Also availbale first on AXN Beyond is a sci-fi series called Painkiller Jane.
Another new international channel to be introduced by SkyCable by next year is FOX-Crime, the most popular 24-hour factual and fictional entertainment TV channel dedicated to crime, investigation and mystery. Suspense buffs can expect to see a mix of facual and fictional shows with spine-chilling thrillers and fast-paced action-packed dramas like Dexter, Texas SWAT, Trace Evidence, Brotherhood, CSI Miami, CSI Las Vegas, Law and Order and Kojak.
Apart from these international channels, SkyCable will also be airing starting next year locally syndicated channles. Coming soon will be a chic channel for women called VELVET which whill carry some of the best programs of American TV. Among these are The View. Other exciting shows include Crossing Jordan, E! News Weekend, Desperate Housewives and Extreme Makeover Home Edition.
Letter of Solar Entertainment to its subscribers:Moving toward the last quarter of 2007 and into the New Year, We are happy to announce the following:
1. Solar has entered into agreement with the International Olympics Committee (IOC) covering all Exclusive Broadcast Rights including Free TV, Basic Cable, satellite, mobile television, pay television, closed-circuit television and internet television for the following: * 2008 Beijing Olympic Games * 2010 Vancouver Winter Olympic Games * 2012 London Olympic Games
Next year, 8/08/08, Solar will be bringing to the Philippines an unprecedented number of hours of various Olympic sports through Pay Per View, Closed Circuit, RPN, Solar Sports, Basketball TV, ETC and 2nd Avenue from Beijing. In addition, Solar will be sending its production crew to Beijing to cover the participation of the Philippines at the Games.
2. To continue our ability to deliver to our valued clients the most current entertainment programming, Solar has secured multi-year volume deals with major studios and production companies including the following: * NBC-Universal Television * Warner Brothers International Television * Fox Television * CBS-Paramount
The deals give Solar first choice of selection over all new products and properties from the studios and provide our cable affiliates the assurance that all hit series such as 24, Heroes plus the new series from the 2007 production slate will exclusively have its premieres and first telecast window on Solar Channels over our competition. Renewed hit series for the season are the following: * Heroes * Bones *24 *Shark * Prison Break * My Name is Earl * America's Next Top Model * Project Runway * Top Chef * Saturday Night Live * One Tree Hill * Without A Trace * Cold Case * The Closer * Men in Trees * Hell's Kitchen * Extreme Makeover * Home Edition * Beauty And The Geek * Law and Order SVU * Nip Tuck * The Office * The Simpson's * Family Guy * Survivors: China * America's Got Talent.
Recently acquired for telecast this next few months are the following: * The Sopranos * Entourage * My Boys * The Tudors
And from the new television season in the U.S., the new series we have acquired are the ff: * Bionic Woman * The Sarah Connors Chronicles * Pushing Daisies * Chuck * Big Bang Theory * Alien In America * Journeyman * New Amsterdam * Big Shots * Moonlight * Burn Notice
Labels: cable-internet, global-destiny, news
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Posted @ 2/09/2008 05:49:00 PM | 0 comments
Destiny Cable is dial-up
Hi, I just subscribe to Destiny Cable internet. I was promised a minimum speed of 512kbps. The connection was ok but since the start of this year, connection has been very very slow. Here's a link to my speedtest result:
My connection has also been disconnected every afternoon and would not comeback for hours. The technical support hotline is useless. I hope they're doing something about this because I would rather pay my pre-termination fee that stay with them any longer.
Submitted by: Ramon, subscriber since December 2007
Labels: subscriber-complaints
CLICK HERE TO READ COMPLETE STORY
Posted @ 2/09/2008 03:09:00 PM | 1 comments
About the Site
ABOUT MYDESTINY CHRONICLES
This site was inspired by The Smart Bro Chronicles. A website specifically created for subscribers of Smart Bro and Smart Wifi to collect information, assistance, technical and legal advice as well as helpful tips.
This website follows the same set of rules from the Smart Bro Chronicles. mydestiny Chronicles is a dedicated site for all MyDestiny Cable Internet and sDSL subscribers that all information, support, technical and legal advice are shared and disseminated here.
MyDestiny Cable Internet subscribers are encouraged to send an email and contribute their own stories, suggestions and important information. The submissions must include the subscriber’s name, their location and the date when they first subscribed to MyDestiny Cable Internet or MyDestiny sDSL High Rise Connection.
Our aim here is to collect as many legitimate complaints from subscribers and use these information for possible technical and or legal remedies to existing and past subscribers.
Please send your all your stories to
Don't forget to include your subscriber's name (will be kept private), nickname or alias(for the post identification), location, and the date when the connection was installed.
You can also submit your story by using our online form. Please click here.
ABOUT SOLID BROADBAND CORPORATION (formerly Destiny Cable Inc.)
Solid Broadband Corp. a broadband service company, is envisioned to be the largest provider of multimedia services in the Philippines. Bringing cutting edge technology in multimedia right into the homes of the average Filipino. We intend to pursue our multimedia business by building a seamless nationwide broadband network using state-of-the-art digital technology, both wired and wireless. To serve the public's growing need for advanced information and communication services such as high speed data communications, cable television as well as telephony services. The corporate heritage of MyDestiny is the discipline and resilience of the Consumer Electronics industry gained through Solid Group, Inc. (SGI). Joseph and Elena Lim, the founders of SGI have led it through its successful history of manufacturing and marketing some of the biggest brands in consumer electronics. Focusing on the next generation and opportunity, MyDestiny was their private venture organized in 1996 to provide the springboard into multimedia oriented business. Our Future In 1999, arrangements for SGI's direct investment into MyDestiny was finalized. And in March 2000, the acquisition of MyDestiny was accomplished to provide SGI the broadband capability to launch it B2B and B2C operations that will be supported with its current substantial brick and mortar operation which include Logistics and Distribution, a nationwide service center network, strong marketing capabilities and consumer financing.
ABOUT GLOBAL DESTINY TV
Destiny Cable, Inc. was incorporated in January 1995 and was licensed by the National Telecommunications Commission to provide cable television services to the entire Metro Manila and neighboring provinces. The corporate heritage of Destiny is the discipline and resilience of the Consumer Electronics industry gained through Solid Group, Inc. SGI has led it through its successful history of manufacturing and marketing some of the biggest brands in consumer electronics. Destiny’s pioneering marketing approach of bundling cable television programming with the customer’s choice of consumer electronic products has enabled it to develop a unique position in the industry. Utilizing a fully two-way hybrid fiber optic coaxial technology, it enjoys the reputation of delivering the most crystal-clear cable television signal in the country.
Global Cable, Inc. was incorporated on February 3, 1993 and its first franchise was granted on May 1993 for San Pedro, Laguna. Subsequently, it was granted franchise to operate in the Municipality of San Juan and in the cities of Mandaluyong, Makati, Pasay, Manila, Parañaque and Muntinlupa. In October 2002, the Company’s Fiber Optic Trunkline was already made available in the entire franchised areas, thereby extending its signal to more and more viewers. It has infused a total capital of PHP 350 Million and has been the top choice of Chinese market for its wide array of Chinese program offering as well as of other expatriates for its broad range of Japanese, Korean, Indian and other foreign programs.
In late 2003, Destiny Cable forged a partnership with Global Cable to further strengthen its operations, and begun operating under the trade name of Global Destiny Cable TV. As the second largest cable operator in the country, it continues to gain its own niche in the cable television industry through localized customer service, superior signal quality, cost-effective packages, unique programming mix, value-added customer benefits, and solid management. To date, it has set-up nine (9) full-operations branch offices, handling subscriber installation, customer service and signal quality assurance, monthly fee collection and coordination with government agencies within respective areas or territories. It continues to expand its coverage areas to be able to serve a greater number of Filipinos residing in Metro Manila.
ABOUT SOLID GROUP INC.
Solid Group Inc. (Company), formerly, United Paracale Mining Corporation (UPMC), and a publicly listed company in the Philippine Stock Exchange (PSE), was incorporated on October 9, 1933 to engage primarily in gold mining. On March 28, 1996, UPMC agreed to convert its accounts payable as of March 31, 1996 amounting to P24,310,142 into additional paid-in capital to restructure its capital stock and eliminate its deficit. The agreement was effected in the books of the Company as of March 31, 1996.
After the aforementioned conversion, UPMC was acquired by a new set of stock holders which, on April 16, 1996, approved the change in UPMC corporate name to Solid Group Inc. and its primary purpose to that of a holding company; the increase in the par value of its shares from P.01 to P1; the declassification of its classs A and class B capital stock; and, the increase in its authorized capital stock from P20 million, divided into 1.2 billion class A shares and 0.8 billion class B shares to P5 billion divided into 5 billion shares all of one class. These amendments were approved by Securities and Exchange Commission (SEC) on June 18, 1996. Further, pursuant to a tax-free exchange, the Company's new majority stockholders executed on May 31, 1996 deeds of assignment trasnferring to the Company their investments in shares of stock of the companies enumerated in Note 2 as full payment for their subscriptions to 1.5 billion shares of the Companys' capital stock. The Company recorded the assignmentof the shares and the investment based on the net book values of the subsidiaries of P3,676,187,115 as of June 18, 1996, the date SEC approved the assignment of the shares. The net book values as of JUne 18, 1996 consisted of the transfer price indicated in the deeds of assignment of P3,520,973,766, which was based on the net book values of the subsidiaries as of March 15, 1996 and the net income of the subsidiaries totaling P155,213,349 for the period March 15, 1996 to June 18, 1996 . The statements of income and retained earnings and cash flows for the year ended December 31, 1995 pertain to the accounts of UPMC only.
On September4, 1996, an additional 524,475,000 of the Company's shares of stock were offered to the public and listed in the PSE. The proceeds of the public offering were mainly intended to finance planned expansion activities and repay portions of outstanding loans of certain subsidiaries.Labels: announcements
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Posted @ 2/09/2008 01:28:00 PM |
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