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Electronics manufacturer Solid Group, Inc. (SGI) is not about to give up on its plan to buy into cable firm Destiny, Inc. (DI) despite delays in securing government approvals.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday SGI corporate information officer Enrique L. Ligeralde said its board rescinded a deed of assignment forged in April last year which would transfer DI to SGI.
The deed assignment covers the transfer of Destiny Cable, Inc.'s (DCI) investment in DI in exchange for 673.84 million shares of SGI.
In May 2000, SGI disclosed it was able to obtain approval from shareholders on the planned acquisition into the Destiny …