Listed firm Interport Resources Corp. which has been dormant for two years, is reviving its operations this year.

According to its outgoing president, Gil Miguel T. Puyat, the company hopes to begin development of its 2,200-hectare property in Binagonan, Rizal, within the next four to six months into a residential subdivision catering to both high and low market segments.

"There is a huge demand in the region and the place is well-situated in relation to the future growth direction of the metropolis," Puyat said.

Interport has been clearing the property of tenants and overlapping titles. So far 96 hectares has been cleared. When the cleared area reaches 100 hectares, the company will enter into a joint venture agreement for the property development, Puyat said.

The company initially ventured in oil exploration. It drilled two wells in Southern Mindoro and the Sulu Sea. But the global economic downturn of the 70s forced Interport to cut down on exploration activities. Later it changed its primary purpose to real estate development.

In 1976, Interport bought the 896-hectare Apo Island in Barangay Bintuan, Coron, Palawan. Two years after, it bought the 2,200-hectare property in Binangonan.

To raise money for the Binangonan project, Interport is planning to sell Apo Island.

"Our goal now is to sell the property and consolidate our investments in the Rizal area," Puyat said.

The company is also considering a stock rights offering to raise funds for the project.

"At the moment, this is not feasible because of the weak market. But the company is confident that the situation will improve and the price of its shares of stock will rise to justify an offering to its stockholders," Puyat said.

At the annual stockholders meeting last Wednesday, the stockholders increased the company’s subscribed capital stock to 10 billion shares from four billion shares at a par value of one centavo each, and gave the board the discretion to determine details of the issuance.

The stockholders also voted Esteban G. Peña Sy as chairman and Alexander G. Asuncion as the new president.

Peña Sy is the president of Mabuhay Holdings Corp., which owns 40% of Interport.