By Arra B. Francia, Reporter
IRC Properties, Inc. is changing its name and expanding its business to include infrastructure development and mass transport, as the Tiu-led company prepares to build a subway system in Makati City.
In a disclosure to the stock exchange on Thursday, IRC said its board of directors has approved to change the company name to Philippine Infradev Holdings, Inc.
“The amendment shall enable the company to expand its business operations to include infrastructure and real estate development projects,” IRC said.
The renamed Philippine Infradev has been authorized to incorporate a new firm called Alternative Metro Transport System, Inc. (AMTSI), which in turn will enter into mass transportation projects such as transportation, subway, ferry, and bus.
“AMTSI aims to provide alternative solutions to decongest Metro Manila by developing and/or operating ferry, subway, and electric vehicles providing green alternatives to Filipino commuters,” the company said in an e-mailed statement.
Meanwhile, IRC’s wholly owned subsidiary Interport Development Corp. will also be renamed to Greater East Metro Development Corp. IRC plans to change the directors and officers of the unit as well as increase its capitalization.
The changes follow the Makati City government’s acceptance of the IRC-led consortium’s proposed $3.7-billion Makati Mass Transport System. The 11-kilometer intra-city subway system is set to have eight to 10 stations, and should address the traffic situation in the country’s leading business district.
While the IRC-led consortium was given original proponent status, project will still undergo a Swiss challenge. IRC is partnering with international firms Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Kwan On Holdings Ltd., and China Harbour Engineering Company Ltd. for the Makati subway.
The company looks to interconnect the subway to the Metro Rail Transit-Line 3, the proposed Metro Manila Mega Subway, and Pasig River Ferry.
IRC further authorized its Executive Vice-President and Chief Operating Officer Georgina A. Monsod to sign a letter of intent to the Metropolitan Manila Development Authority (MMDA) for the rehabilitation and modernization of the Pasig River Ferry Service.
In May, the company saw a change in leadership, with the appointment of businessman Antonio L. Tiu as president and chief executive officer. The new chief also heads listed firms AgriNurture, Inc. and Greenergy Holdings, Inc.
Incorporated in 1975, IRC originally engaged in the acquisition, reclamation, development, and exploration of land, forests, minerals, oil, gas, and other resources. It ceased exploration activities in the 1970s following the global recession, and bounced back in 2013 as a property developer.
The company currently has a residential project in Binangonan, Rizal called Casas Bauhinia which offers residential units for the lower income segment.
IRC’s net income attributable to equity holders of the parent soared 407% to P25.4 million during the first three months of 2018, supported by a 47% uptick in revenues to P75.17 million for the period.
Shares in IRC shed seven centavos or 5.15% to close at P1.29 each at the Philippine Stock Exchange on Thursday.