Interport also disclosed  that its board of directors and stockholders have approved a move to declassify the company’s common shares, currently divided into class A (which can be owned only by Filipinos) and class B  (which carry  no ownership restrictions) into a single type of common share.

The company said this will enable certain stockholders to eventually exercise bonus warrants that they were entitled when they participated in the company’s stock rights offering last year.

At present, Interport has 562.95 million A shares and 237.05 million B shares. Following the declassification, the company will have 799.99 million common shares that carry no distinction.

The company said it still requires the approval of the Securities and Exchange Commission for the aforementioned corporate actions.  It said the trading symbol “IRC” will be retained.

Interport has announced plans to focus on real estate development after it abandoned its original purpose to conduct oil exploration activities.

The company claims ownership of about 2,200 hectares of land in Binangonan, Rizal, an earlier disclosure showed. It said the clearing of the property from “third-party claims” for the first 425 hectares remains a priority to implement the first phase of its Binangonan master plan consisting of a housing estate project.

Interport raised last year P399 million through a stock rights offering, with proceeds to fund its real estate ventures. (Miguel R. Camus)