IRC Properties alters corporate structure in diversification move

IRC Properties Inc. is reorganizing its corporate structure as it diversifies into infrastructure and mass transport system, the company said on Thursday.

Its board of directors approved a change of name to Philippine Infradev Holdings Inc., the property developer said in a regulatory filing submitted by Gloria Georgia Garcia, treasurer, CFO, and compliance officer.

“This will be the parent firm and will be an infrastructure holding company,” Garcia told the Philippine Stock Exchange.

According to IRC Properties, the company and its international consortium partners were granted “original proponent status” for its proposed $3.7-billion Makati intra-city rail transport system.

“The following companies have indicated their intention to be part of the IRC consortium: Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd., Kwan On Holdings Ltd., Shanghai MinTu Investment Holdings and China Harbour Engineering Company Ltd.” IRC Properties said in a separate statement.

Wholly-owned subsidiary Interport Development Corporation will also change its name to Greater East Metro Development Corp. At the same time, Interport Development will change its directors and officers and increase its capitalization.

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

A reactivated subsidiary of Greater East Metro Development will continue to expand the economic housing segment to help address the country's housing shortage.

Another wholly-owned company will be incorporated for the purposed of doing mass transportation projects such as transportation, subway, ferry, and bus. It will be named Alternative Metro Transport System Inc.

Alternative Metro Transport System “... 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 board has authorized IRC executive vice president Georgina Monsod to sign a letter of intent to the Metropolitan Manila Development Authority for the rehabilitation and modernization of the Pasig River Ferry Service. —VDS, GMA News