Top Line Business Development Corp. is stepping up its expansion drive while tapping capital markets, filing with the Securities and Exchange Commission for a follow-on offering of up to P1.5 billion in perpetual preferred shares.
The listed fuel distributor plans to issue up to 10 million firm shares, with an oversubscription option of up to P500 million covering an additional 5 million shares. The offer, targeted for June 11, 2026 pending approvals, carries an indicative price of up to P100 per share, with final terms to be set through book-building.
Proceeds will support a broader push to strengthen supply chains and lift margins. The company said its trading subsidiary TLDC, alongside a newly established trading office in Singapore, will enhance procurement flexibility and secure more stable fuel supply, a critical advantage in a volatile pricing environment.
TOP is also expanding depot infrastructure and storage capacity to handle higher import volumes, improving logistics and responsiveness to demand. This runs in tandem with the continued rollout of Light Fuels Corp., its retail arm, which is accelerating station expansion across the high-growth Visayas market.
“The preferred share issuance marks an important step in strengthening our capital base while providing stable returns for our investors through fixed dividends. As we build on the momentum from our initial public offering last year, this fundraising will support our vertical integration strategy by enhancing supply chain capabilities, expanding our retail network, and improving procurement flexibility,” said Eugene Erik Lim, TOP’s chairman, president, and chief executive officer.
The firm has tapped PNB Capital and Investment Corporation as sole issue manager, with Security Bank Capital Investment Corporation as joint lead underwriter and bookrunner.
The offer period is scheduled from May 19 to June 1, subject to regulatory clearance. Dividends will be paid quarterly, with the first payout expected three months after issuance.
The dual track of capital raising and operational expansion signals TOP’s intent to scale quickly, tighten supply control, and build a more resilient fuel distribution platform as competition intensifies.
