Araneta Properties, Inc. (ARA) was originally incorporated on June 15, 1988 as Integrated Chrome Corporation with the primary business of mining chrome ore and producing ferro silicon metal, commonly known as ferrochrome. It stopped its smelter operations in January 1996 because of the depressed ferrochrome market and increasing production costs. Later that year, the company changed its corporate name to Araneta Properties, Inc. and its primary purpose of business to land and property development, maintaining the smelter operations as a secondary purpose. The company has a joint venture agreement with Sta. Lucia Realty & Dev., Inc. to develop ARA's 2,364,082-square meter property described in the master plan, which consists of a class A residential and commercial subdivision with a country club. Source: SEC Form 17-A (2008)
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