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IRC Properties, Inc.
|IRC Properties, Inc. (IRC), formerly Interport Resources Corporation, was incorporated on February 24, 1975 primarily to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas, and other resources. The Company initially ventured in oil exploration activities and drilled two wells in Southern Mindoro and the Sulu Sea areas. World recession in the late 1970s forced IRC to cut down on exploration activities. On January 27, 2013, the Securities and Exchange Commission approved the change in corporate name to the present one as well as the change in the primary purpose and declassification of stock.
IRC has one wholly-owned subsidiary, Interport Development Corporation, which was established primarily to acquire and sell real estate of all kinds or hold such properties for investment purposes. IRC and its subsidiary have no commercial activities, except for clearing and retitling of its properties in Binangonan, Rizal.
On July 28, 1978, the Company acquired a 2,200-hectare property in Binangonan, Rizal which signaled its shift in major business activity from oil exploration to real estate development. On September 10, 2013, the Company entered into a Contract to Sell with Hundred Lake Development Corporation, whereby the company agreed to sell its land located in Binangonan.
In July 2014, IRC and its subsidiary entered into a joint development agreement with a foreign investor for a residential development within its Binangonan property. The deal is expected to be completed this year.
Source: SEC Form 17-A (2015)
|Incorporation Date||Feb 24, 1975|
|Number of Directors||11|
|Stockholders' Meeting as per By-Laws||July - every second Tuesday|
|Fiscal Year||12/31 (Month/Day)|
|External Auditor||Isla Lipana & Co.|
|Transfer Agent||Stock Transfer Services, Inc.|
|Business Address||35/F Rufino Pacific Tower, 6784 Ayala Avenue, Makati City 1223|