SEC OKs increase of APL capital to P6B

Holding firm Apollo Global Capital Inc. (APL) has obtained approval from the Securities and Exchange Commission (SEC) to jack up its authorized capital by six times the current level to P6 billion to fund growth plans.

“The increase in the capital stock was requested to allow the company to be poised to issue equity shares as a way of raising funds for future opportunities of growth,” APL said in a disclosure to the Philippine Stock Exchange yesterday.

APL is speculated to be a potential backdoor-listing vehicle for a new business.

With the SEC’s approval, APL will have an authorized capital stock of P6 billion divided into 600 billion shares. The previous capital stock was P1 billion divided into 100 billion shares.

Formerly Yehey! Corp., APL was incorporated in 1998 with a primary purpose to engage in the business of internet online-related products relating to database research engine; pre-production and post-production work on websites in the internet; and to sell and market the said products in the form of advertising of finished products in the domestic or export market.

In 2015, Yehey ceased to be a majority-owned subsidiary of Vantage Equities Inc. when the latter sold its shares to a group of individual shareholders.

The company changed its corporate name to the current one last year alongside the winding down of its digital marketing operations. The primary purpose was changed to that of a holding company.

APL is valued by the stock market at P1.44 billion.—DORIS DUMLAO-ABADILLA