The board of directors of IRC Properties Inc. has approved the change of the company?s name to Philippine Infradev Holdings Inc. to reflect its transformation into an infrastructure holding firm.
IRC Properties has recently been taken over by the group of Chinese-Filipino businessman Antonio Tiu, who was tagged as the alleged dummy of former Vice President Jejomar Binay for a controversial property in Rosario, Batangas.
It likewise approved the incorporation of another corporation to engage in mass transportation projects, such as subway, ferry and bus. The new company shall be named Alternative Metro Transport System Inc.
IRC Properties recently obtained original proponent status for its proposed $3.7 billion mass transport system in Makati City.
The board also 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 Properties said in a disclosure to the stock exchange.