Top Line Secures ₱1.5B for Fuel Expansion via Preferred Share Offering
Top Line Business Development Corp. (Top) has received regulatory approval for a follow-on offering of perpetual preferred shares worth up to ₱1.5 billion. The company plans to use the funds to expand its fuel importation and storage operations. Executives describe the move as a key step in the firm’s growth strategy. The Securities and Exchange Commission (SEC) granted pre-effective clearance for Top’s registration statement on April 28, 2026. A day later, the Philippine Stock Exchange (PSE) board approved the listing application. The preferred shares are set to begin trading on June 11, 2026, at an indicative price of up to ₱100 each.
The offering will include ₱1 billion in firm shares, equivalent to 10 million perpetual preferred shares, with an option to increase by ₱500 million due to oversubscription. Investors can participate in the offer from May 19 to June 1, 2026. PNB Capital and Investment Corp. will serve as the sole issue manager, while Security Bank Capital Investment Corp. will act as joint lead underwriter and bookrunner.
Eugene Erik Lim, Top’s chairman, president, and CEO, stated that the offering represents the next phase of the company’s expansion. The proceeds will support vertical integration, focusing on fuel importation and depot storage upgrades. These investments aim to boost procurement flexibility, stabilise supply chains, and improve profit margins across distribution and retail operations. The approved share sale and listing will provide Top with capital to strengthen its fuel business. The company expects the upgrades to enhance operational efficiency and market competitiveness. Trading of the new shares is scheduled to commence in June 2026.
