(Merkado Barkada) – July 1, 2021 – 8:45am

Apollo Global Capital’s [APL 0.18 DOWN 0.55%] grim disclosure told of the massive loss to the company and its subsidiary, JDVC, at the sudden passing of Gary Olivar due to cardiac arrest.

Up until his death on June 29, Mr. Olivar was Chief Operating Officer of APL and Chairman of the Board of JDVC. As an ex-government official, industry veteran, and columnist for Manila Bulletin, Mr. Olivar was described as an effective communicator and a strategic thinker.

APL has not yet notified of any replacements for Mr. Olivar’s posts at APL and JDVC. (The disclosure refers to Mr. Olivar as JDVC’s Chairman, but JDVC’s website refers to him as the Vice Chairman.)

MB BOTTOM-LINE

APL was a darling of the basurapalooza in Q4/20 and Q1/21, when headlines hyped APL’s status as our country’s only offshore mining firm and stock trading forums were filled with breathless technical analysis that showed APL “mooning” like every other day.

First they wanted to start mining in February, but that got delayed, and it’s not even certain that the boats that they do have are in position and mining currently.

I don’t think that APL is a company in peril, but it certainly has some issues that it needs to work out, and now it’s lost someone who played a significant role in getting the company to this point. Calling JDVC “APL’s subsidiary” is a little disingenuous also, since APL is only the shell through which JDVC “backdoor listed” itself on the PSE a few years back. That makes the loss of Mr. Olivar as JDVC’s Chairman / Vice Chairman all the more significant.

source: https://www.philstar.com/business/stock-commentary/2021/07/01/2109453/apollo-global-capital-apl-grieves-sudden-passing-its-coo