Oil exploration firm enters real estate
INTERPORT Resources Corp. has secured the approval of the Securities and Exchange Commission to change its corporate name to IRC Properties Inc. and solely engage in the business of real estate.
“The original purpose of the company was oil exploration and real estate was just secondary. Now we’re really focusing on real estate,” Georgina Monsod, Interport vice president, said in an interview.
In a disclosure to the Philippine Stock Exchange, Interport said its primary purpose will be “to provide an institutional vehicle through and under which the acquisition, reclamation, development or exploitation of lands shall be made for the purpose of converting and developing said lands to integrated residential or commercial neighborhoods, subdivisions or establishments or facilities for recreation or for tourism, or for industrial or commercial usages or for ports, airports, trade or industrial zones, hotels, resorts or other facilities; and generally to engage in real estate business in all its forms.”
“The purpose will be all encompassing. Should we do another kind of real estate development then it will already be part of our purpose,” Monsod said.
However, the PSE said the change in corporate name and the declassification of its shares will not be immediately reflected on its trading system pending the company’s submission of the procedures for updating its stock certificates. Details of the declassification were not immediately available.
The company is currently preparing the masterplan for its 2,170- hectare property located in Binangonan, Rizal. After developing horizontal projects Sunshine Fiesta Subdivision and Fiesta Casitas within the property, the company is set to venture into condominium development with Eastridge Residences, formerly named Trocadero Residences.
Incorporated in 1975, Interport was originally engaged in the business of oil exploration and acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources. Because of a world recession in the 1970s, the company was forced to cut down on exploration activities and shifted to real estate development.