Cebu-based fuel distributor and retailer Top Line Business Development Corp. is tapping the capital markets anew, securing regulatory approval for a preferred shares offering of up to P1.5 billion as it accelerates plans to expand fuel infrastructure and strengthen its position in the Visayas energy market.
The Securities and Exchange Commission on June 3 approved the registration and public sale of Top Line’s Series A perpetual preferred shares, consisting of P1 billion in firm shares and up to P500 million in oversubscription shares. The company also announced fixed initial dividend rates of 9.1325 percent per annum for its Series A-1 shares and 9.5981 percent for its Series A-2 shares.
The offer period runs from June 4 to June 16, with the shares scheduled to debut on the Philippine Stock Exchange’s Main Board on June 26 under the trading symbols TOPA1 and TOPA2.
The fundraising marks Top Line’s first major capital market transaction since its stock market debut last year and signals management’s confidence in the company’s growth trajectory. Rather than simply expanding its retail footprint, Top Line is channeling much of the proceeds toward deepening its role across the fuel supply chain.
Up to P1 billion will be allocated for importation-related working capital, including fuel procurement and shipping costs, while as much as P440 million will fund the construction and renovation of storage facilities with capacity reaching 40 million liters.
The strategy reflects a broader push toward vertical integration, allowing the company to gain greater control over supply, logistics and margins in a business where scale and infrastructure often determine competitiveness.
“We see this follow-on offering as a natural extension of the growth momentum we began with our initial public offering last year,” said chairman, president and chief executive officer Eugene Erik Lim.
With fuel demand in the Visayas remaining resilient and energy security emerging as a national priority, Top Line is positioning itself not merely as a fuel retailer but as a growing regional energy infrastructure player.
