News Apollo Global engages ICCP for its P988 million follow-on offering
Investment & Capital Corporation of the Philippines was tapped by Apollo Global Capital Inc. to act as the Issue Manager and Underwriter for its Follow-On Offering (FOO) with gross proceeds amounting to P988 million. The offer period ran from August 16 to 20 while the shares are to be officially listed on the PSE on August 31, 2021
Apollo Global offered 12.35 billion shares at a price of 8 centavos apiece to fund for its offshore magnetite iron mining project in Cagayan being undertaken by Apollo’s subsidiary, JDVC Resources Corporation.
The proceeds from the FOO will be used for the acquisition of a 49% stake in Poet Blue Ocean, a special purpose vehicle that owns the MB Siphon I vessel that will be used for the offshore mining activities of JDVC Resources Corporation. The company will also allocate part of the proceeds for the purchase of environmental and ecological mitigating measures, equipment and insurance, as well as for general corporate purposes.
In June 2021, JDVC Corporation received an updated certification from the Mines and Geosciences Bureau of the Department of Environment and Natural Resources on its full compliance and good standing with the Department. Offshore mining has been recognized worldwide as among the most environmentally sustainable extraction methods and was even publicly recognized by the late DENR Secretary Gina Lopez.
Through Apollo’s subsidiary, JDVC, the FOO of Apollo Global is the first major offshore mining company to list its shares in the Philippines. It was met with very strong demand as the offering was oversubscribed. Investor interest in Apollo Global’s mining project coincided with the Philippine government’s relaxation of the mining restrictions.