IRC Properties Inc., formerly Interport Resources Corp. and now led by businessman Antonio Tiu, is transforming itself into a holding company with investments in infrastructure and real estate.
The company made the shift after obtaining an original proponent status for the planned $3.7 billion Makati intra-rail city project.
IRC said in a disclosure to the stock exchange Thursday the board of directors approved the change the company’s corporate name to Philippine Infradev Holdings Inc.
“This will make the company the parent firm and will be a holding company to engage in infrastructure and real estate development,” IRC said.
The board also approved the incorporation of another company that will engage in mass transportation projects, such as subway, ferry and bus. The new company will be named Alternative Metro Transport System Inc.
AMTSI plans to provide alternative solutions to decongest Metro Manila by developing or operating a ferry, subway and electric vehicles providing green alternatives to Filipino commuters.
The board approved the change of name of its wholly-owned unit 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,” IRC said.
IRC, which owns substantial landholdings in Binangonan, Rizal province, is engaged in mass housing projects along with several property developers.
The reactivated subsidiary GEMDC will continue to expand the economic housing segment to help address the country’s housing shortage.
IRC said it would also send a letter of intent to the Metropolitan Manila Development Authority to rehabilitate and modernize the Pasig River ferry service.
IRC and its Chinese partners earlier secured an original proponent status from the city government of Makati to build the proposed $3.7-billion Makati intra-city rail transport system.
The IRC-led consortium plans to construct an 11-kilometer intra-city subway system with eight to 10 stations to connect key points in Makati’s two districts with no cash-out on the part of the city.
IRC said the proposed subway would complement the mass transport projects of the national government, interconnecting with the Metro Rail Transit Line 3, the proposed Metro Manila Mega Subway and Pasig River ferry.
It said with a daytime population of 4.5 million, the project would alleviate the traffic coming in and out of Makati.
“IRC’s proposal is aligned with the national government’s aggressive infrastructure program as well as Makati’s goal to be a digital city. Not only will it move people quicker, it will allow people to be more productive and spend more time with their families. The project will also create thousands of jobs and reduce the carbon footprint due to lesser cars on the streets,” IRC executive vice president Georgina Monsod said.
Tiu last month was elected president and chief executive of IRC. He also owns two listed companies, namely AgriNurture Inc. and Greenergy Holdings Inc.