MINING firm JDVC Resources Corp. is switching to shell company Apollo Global Capital Inc. (APL) as its backdoor listing vehicle after a previous merger plan with Island Information and Technology Inc. (IITI) fell through.
In separate disclosures to the Philippine Stock Exchange (PSE), APL said its board of directors approved on Friday last week the subscription of 247.4 billion shares in the company by four individuals led by Hyung Rae Doo, who owns 40 percent of JDVC, as well as Napoleon M. Deleon Jr., Garry Lincoln C. Taboso and Daniel Chua Go.
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