The Internet bug has bitten yet another publicly-listed company.
Urbancorp Realty Developers Inc. (URDI), the property development arm of the Urban Bank Group, has caught on with the trend. URDI is transforming itself into an Internet-based company.
In a letter to the Philippine Stock Exchange, URDI corporate secretary Corazon Bejasa said the company's board has approved the change in the name of the corporation to Urcom.com Inc. to reflect its conversion into an information and communications technology company.
"With the increasing demand for information and communication technology-based products and services and the true integration of the world market via the Internet, URDI has revisited and reevaluated its corporate goals," Bejasa said.
The company will be increasing its authorized capital by P1 billion, or from P2 billion to P3 billion, and expand its board from five to seven directors. It will also relegate its original purpose of realty development into a secondary undertaking.
Urban Bank recently downgraded its status from a universal bank to a commercial bank, making its realty venture a non-allied undertaking in its commercial banking business.
"URDI will involve itself in developing business systems using the Internet as the infrastructure. Among others, initial projects aimed towards this objective are Electronic Commerce, Internet and Text Banking and On-line Stock Trading," Bejasa said.
She added that the great potential of a technology-based business for profitability and growth and the apparent need for Internet technology has redirected the company to set its focus on a new vision -- to be at the forefront of the information and communication technology business.
"Proudly, your company will be the leader of this information and communication revolution and with its able to personnel and cutting edge-technology, will revolutionize Philippine business and accelerate its growth to a tiger economy," she said.