Listed fuel distributor and retailer Top Line Business Development Corp. (Top) has secured regulatory approvals to proceed with a follow-on offering of perpetual preferred shares worth up to P1.5 billion.
In a disclosure, the company said both the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) cleared the transaction, paving the way for the share sale and subsequent listing.
The offer will consist of up to P1 billion in firm shares, equivalent to 10 million perpetual preferred shares, with an oversubscription option of up to P500 million, or an additional five million shares.
Regulatory Clearances
The SEC granted pre-effective clearance for the company’s registration statement during its April 28, 2026 meeting, while the PSE board approved the listing application on April 29. The preferred shares are scheduled to debut on June 11, 2026, at an indicative offer price of up to P100 apiece.
Use of Proceeds
Top said proceeds will be used to fund its vertical integration strategy, particularly the expansion of its fuel importation and depot storage capabilities. The company expects these investments to improve procurement flexibility, ensure supply stability, and enhance margins across its distribution and retail operations.
“This offering marks the next chapter in Top Line’s growth story… building a more resilient and integrated business,” said chairman, president and chief executive officer Eugene Erik Lim.
Offer Period and Underwriters
The offer period is set from May 19 to June 1, based on the timetable submitted to regulators. PNB Capital and Investment Corp. will act as sole issue manager, along with Security Bank Capital Investment Corp. as joint lead underwriters and bookrunners.
