Apollo Global Capital (APL) has bounced back from a long and deep slump after its new management announced plans to make its first shipment next year.
APL posted a chart-topping 33 percent gain to 3.6 centavos on December 21 with P128 million in total trade.
The stock plunged to its lowest at 2.5 centavos just two days ago since hitting a peak of 43 centavos in January 2021 when the stock dazzled investors with its promise of making its first ore shipment from its offshore prospect in Cagayan.
The stock’s resurgence came just 18 days after self-styled backdoor king Vittorio Paolo P. Lim resigned as president.
Bonner Dytoc, newly elected president of APL, disclosed on December 20 that the company would make its first commercial shipment of iron ore by the first quarter of 2023.
APL is expected generate up to $36 million from the projected 12 shipments of iron ore extracted by its mining vessel MB Siphon
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