PHILIPPINE Infradev Holdings, Inc. has successfully incorporated a wholly owned subsidiary in Jiangsu, China which will handle procurement processes for the company.
The Antonio L. Tiu-led firm told the stock exchange Monday that Jiangsu Rizal Infradev Co., Ltd. is now registered in the Jiangsu Province with a registered capital of $10 million.
“(The company) shall be the corporate vehicle that will be used by (Philippine Infradev) to do the procurement, financing, financial leasing, commercial trading and guarantee, among others,” it said.
Philippine Infradev first announced the plan to incorporate a China unit in June.
Earlier this year, it tapped several Chinese firms for its $3.5-billion Makati City Subway Project. These firms are Greenland Holdings Group; Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd. and China Harbour Engineering Co. Ltd.
Construction of the Makati City Subway Project, which Philippine Infradev is developing with the local government of Makati, is scheduled to begin by December.
The 10-kilometer intracity railway system will have 10 stations. Philippine Infradev will operate the subway for 50 years. Its completion is expected in 2025, by which time the train will be able to accommodate 700,000 passengers every day. — Denise A. Valdez
