Apollo Global raises P988M from follow-on offering
Apollo Global Capital, Inc. (stock symbol: APL) raised Php988 million from its recently concluded follow-on offering (FOO).
The funds raised will primarily be used by the company to acquire a 49 percent stake in the company that owns the vessel which will be used for the offshore mining activities of its subsidiary, JDVC Resources Corporation, to purchase equipment and insurance as well as for general corporate purposes. The 12.35 billion APL FOO shares were listed at the Philippine Stock Exchange (PSE) Tuesday.
In his welcome remarks during the listing ceremony, PSE President and CEO Ramon S. Monzon said, “Now that this FOO has jumpstarted the company’s quest to commence operations, I hope that all other factors will fall into place because the company’s investors have long-awaited and deserve positive developments on this front.”
APL indicated in its FOO prospectus that weather permitting and once all the necessary environment protection equipment and ecologically balanced offshore mining protection gears have been purchased, the MB Siphon Vessel I is estimated to start operations on or before April 30, 2022.