IRC Properties, Inc. has secured approval to change its core interests to infrastructure and real estate, alongside changing its corporate name to Philippine Infradev Holdings, Inc.
In a disclosure to the stock exchange on Tuesday, IRC said the Securities and Exchange Commission (SEC) has approved the amendments to its Articles of Incorporation.
The listed firm’s primary purpose now states in part that it will invest in securities or firms that primarily engage in “acquisition, reclamation, development or exploitation of lands for the purpose of converting and developing said lands to integrated residential, industrial, or commercial neighborhoods, economic zones, subdivision or establishments.”
It has also extended its investments to companies that are generally “engaged in real estate and infrastructure development business in all its forms…”
The firm led by businessman Antonio L. Tiu said the amendments will allow it to expand its business operations to include infrastructure and real estate projects. Incorporated in 1975, IRC originally engaged in exploration activities in Southern Mindanao and the Sulu Sea areas before switching to real estate.
The change in name and primary purpose comes ahead of the company’s construction of its proposed $3.7-billion Makati Mass Transport System.
IRC’s consortium with Chinese partners Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd., and China Harbour Engineering Company Ltd., received the go signal from Makati City’s Public-Private Partnership Committee to proceed with the 11-kilometer subway last month.
The project will consist of eight to 10 underground stations in key areas such as Ayala Avenue, Makati City Hall, Poblacion Heritage Site, University of Makati, and Ospital ng Makati. It is expected to have a capacity of 700,000 passengers per day.
The subway can also be interlinked with other mass transport systems such as the Metro Rail Transit Line 3, the Pasig River ferry, and the proposed Metro Manila Mega Subway.
The IRC-led consortium looks to break ground for the project in December, with target completion on 2025.
IRC has incorporated a wholly owned unit named Alternative Metro Transport System, Inc. to handle its mass transportation projects.
At the same time, the company is also changing the name of its wholly owned subsidiary Interport Development Corp. to Greater East Metro Development Corp., alongside a change in directors and officers, and an increase in capitalization.
IRC’s attributable profit dropped by 95% to P4.3 million in the first nine months of 2018, after it recorded an attributable loss of P21.45 million in the third quarter alone. Revenues for the nine-month period reached P143.04 million.
Shares in IRC climbed 1.65% or four centavos to close at P2.46 each at the stock exchange on Tuesday. — Arra B. Francia