A subsidiary of publicly-listed Apollo Global Capital Inc. has obtained a P476 million ($8 million) credit line from Development Bank of the Philippines.
The pre-shipment financing facility is meant to provide working capital to JDVC Resources Corp. to kick off its export production of iron ore.
“The credit line is expected to successfully jump start the commercial and profitable operations of APL through its 90.47% owned subsidiary JDVC and pave the way for the realization of increased shareholder value,” said APL.
One of APL’s major stockholders, Daniel Chua Go, has pledged 10.5 billion of his 45.6 billion shares in the company (worth P525 million or $10.1 million) as collateral to DBP.
JDVC, which was formed in 2011, took over APL in 2017 in a backdoor listing.
Aside from Go (16.28 percent interest) , the major stockholders of APL are Hyung Rae Doo of South Korea (36.91 percent), Napoleon De Leon Jr. (16.49 percent), and Lloyd Reagan Taboso (16.58 percent).
JDVC is the Philippines first large scale offshore mining company focused on magnetite (Fe3O4) mining. It operates 14 kilometers offshore from the municipality of Gonzaga, province of Cagayan.