Philippine National Construction Corporation (PNC) was originally incorporated as Construction Development Corporation of the Philippines (CDCP) on November 22, 1966. The company's primary purpose was to carry on the conduct of a general contracting business with a private or government agency or instrumentality as related to construction. On February 23, 1983, the corporate name of CDCP was changed to its current one. For the last 3 years beginning 2004, by virtue of the privatization mandate for PNC, the company has veered away from active involvement in its construction operations, but rather focused more on the operation and maintenance of its tollways. On February 10, 2005, PNC turned over the operations and maintenance of the North Luzon Tollways to the Manila North Luzon Tollways Corporation. PNC's main business of construction is divided into three different services, namely, tollway operation and maintenance, general construction services, and equipment rental/leasing. The company's subsidiaries are Dasmarinas Industrial Steelworks Corporation, Traffic Control Products Corporation, PNCC Skyway Corporation, Tierra Factors Corporation, and CDCP Farms Corporation, with the last two subsidiaries currently inactive. These subsidiaries are engaged in various businesses such as steel fabrication, manufacture of thermoplastic paints and other traffic signs, traffic lights, post lanes and parking meters, tollway operation and maintenance, marketing of heavy equipment and machinery, and agricultural operations. Source: SEC Form 17-A (2006)