IRC Properties

At present, it engages mainly in the development of affordable housing projects. IRC is a publicly-listed company, its shares are traded in the Philippine Stock Exchange. The Company was established in February 24, 1975 under the name of Interport Resources Corporation, with the principal objective of engaging in mining explorations. With the entry... of the new management in 2008, the Company decided to forego mining business and instead focus on real estate development. The Company changed its corporate name to IRC Properties, Inc. in January 2013. The Company was incorporated with an authorized capitalization of One Billion Pesos. In September 2015, the authorized capital stock of IRC was increased to 1.50 Billion Pesos. Shares of IRC were originally issued at a par value of PhP0.01 per share; in August 1997, the Securities and Exchange Commission approved the consolidation of IRC shares and the par value was changed to PhP1.00 per share. IRC shares were originally classified into A-shares (solely for Filipino investors) and B-shares (qualified to be held by foreigner investors). In 2012, the Company declassified its shares and only one kind of common shares is issued at present, which can be held by local and foreign investors alike, but the aggregate foreign equity is limited to not more than 40% of the total shares issued, in accordance with the Philippine law. As of December 2017, foreign investors held a total of 30.6% of the IRC stocks. Of the total authorized capitalization of 1.50 Billion Pesos (divided into 1.50 Billion shares), 1,327,095,322 shares have been subscribed and fully paid for, with the remaining 172,904,678 shares still pending for subscription. hrough a series of corporate activities including rights offer, exercise of warrants and private placements, additional capital was infused into the Company and the share price steadily rose to its height of PhP1.74. The share price of IRC stood at PhP0.93 as of the fourth quarter of 2017. IRC holds fourteen (14) mother titles of land located in ...Read More