IRC Properties reorganizes on diversification into infrastructure

MANILA, Philippines — IRC Properties Inc. is reorganizing its corporate structure as part of its diversification into the infrastructure  sector as well as in the mass transport system industry.

But even with the diversification, IRC intends to remain a significant property company.

In a disclosure to the Philippine Stock Exchange, IRC said its board of directors approved the change of name to Philippine Infradev Holdings Inc., which will be a holding company to engage in infrastructure and real estate development.

The reorganization comes on the heels of IRC and its international consortium partners being granted an “original proponent status” for their proposed $3.7-billion Makati intra-city rail transport system.

Several companies have expressed their intention to be part of the IRC consortium. These are the Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd., Kwan On Holdings Ltd., Shanghai MinTu Investment Holdings and China Harbour Engineering Co. Ltd.

The IRC board also approved the change of name of the company’s wholly-owned subsidiary Interport Development Corp. to Greater East Metro Development Corp.

There will also be a change in directors and officers and increase in capitalization of IDC, the company said.

IRC owns substantial landholdings in Binangonan, Rizal and is engaged in mass housing projects together with various property developers.

The reactivated subsidiary GEMDC will continue to expand the economic housing segment to help address the country’s housing shortage.

The IRC board likewise authorized the incorporation of another wholly-owned company to do mass transportation projects, such as transportation, subway, ferry and bus to be named Alternative Metro Transport System Inc. (AMTSI).

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.

In line with this, the IRC board has authorized IRC executive vice president Georgina Monsod to sign a letter of intent addressed to the Metropolitan Manila Development Authority (MMDA) for the rehabilitation and modernization of the Pasig River ferry service.

IRC was formerly Interport Resources Corp., which was incorporated on Feb. 24, 1975 primarily to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas, and other resources.

In 2013, the Securities and Exchange Commission approved the change in corporate name to the present one as well as the change in the primary purpose and declassification of stock.