IRC reorganizes to focus on infra

Publicly-listed IRC Properties, Inc. is reorganizing its corporate structure so it can diversify into infrastructure development on top of its original real estate development business.

In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the change of name of IRC Properties to Philippine Infradev Holdings, Inc.

IRC explained that Philippine Infradev will be the parent firm and will be a holding company to engage in infrastructure and real estate development.

The IRC board also approved the change of name of wholly-owned subsidiary Interport Development Corporation to Greater East Metro Development Corp. There will also be a change in directors and officers and increase in capitalization of IDC.

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

The reactivated subsidiary GEMDC will continue to expand the economic housing segment to help solve housing problem of the country.

The IRC board also 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.

IRC said “the amendment shall enable the Company to expand its business operations to include infrastructure and real estate development projects.” AMTSI aims to provide alternative solutions to decongest metro manila by developing and/or operating ferry, subway, and electric vehicles providing green alternatives to the 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 and its international consortium partners have secured the “original proponent status” for the proposed $3.7-billion Makati intra-city rail transport system.

The firm said its proposal for a joint venture to establish and operate the Makati Mass Transport System has been accepted by the city government.

Under its proposal, the IRC consortium shall construct an 11-kilometer intra-city subway system with 8 to 10 stations that will connect key points in Makati's two districts with no cash out on the part of the city.