Top Line Business Development Corp. (TOP) is gearing up for a major capital push after shareholders approved the reclassification of 800 million unissued common shares into preferred shares and authorized the board to undertake fundraising initiatives ranging from private placements to follow-on offerings and debt issuances. The approval was granted by stockholders during their special meeting held Tuesday, Decemmber 2.
Top Line Chairman, President, and Chief Executive Officer Eugene Erik Lim said the preferred-share structure is designed to attract investors seeking stable, fixed-income returns while giving TOP—the company’s trading symbol–the financial muscle to advance its expansion blueprint.
“Our growth trajectory is clear and compelling. The issuance of preferred shares provides investors with steady returns through fixed dividends, while allowing us to strengthen our balance sheet and accelerate our vertical integration strategy. We intend to undertake capital-raising activities targeting next year, 2026,” Lim said.
Funds raised will support TOP’s move into direct fuel importation through its subsidiary, Topline Logistics and Development Corp. (TLDC). The shift is expected to sharpen pricing competitiveness, secure a more reliable fuel supply, and widen margins by reducing dependence on third-party suppliers. To accommodate higher import volumes, the company plans to upgrade and expand depot infrastructure and storage capacity across strategic locations.
The capital program will also bolster Light Fuels Corporation (LFC), TOP’s retail arm, which is rolling out more service stations to deepen its presence in the fast-growing Visayas fuel market.
“These initiatives aim to enhance operational efficiency, reduce landed and overall operating costs, and improve profitability—ultimately creating greater long-term value for our shareholders,” Lim said. “We are confident this direction places Top Line in a stronger strategic position, enabling us to integrate vertically, capture more value from the supply chain, and deliver more resilient income streams.”
