CEBU-BASED fuel distributor and retailer Top Line Business Development Corp. (TOP) successfully raised P1.5 billion from its follow-on offering (FOO) of perpetual preferred shares, which was oversubscribed. The proceeds will provide fresh capital to expand the company's fuel importation and storage capacity in the Visayas.
Offer details and listing
The Series A preferred shares were listed on the Philippine Stock Exchange on Friday, June 26, 2026, under the ticker symbols TOPA1 and TOPA2. The offering consisted of P1 billion in firm shares and a P500-million oversubscription option, which was fully taken up. TOPA1 carries an annual dividend rate of 9.1325 percent, while TOPA2 offers 9.5981 percent.
Investor demand and strategy
The company said the strong investor demand reinforces its strategy to strengthen energy security in the Visayas through expanded fuel supply infrastructure. Top Line chairman, president and chief executive officer Eugene Erik Lim said the proceeds will support the company’s long-term growth plans and help address gaps in the region’s fuel supply chain by increasing its supply, storage and distribution capabilities.
Use of proceeds
Up to P1 billion of the proceeds will fund working capital requirements for fuel importation, including petroleum purchases, shipping and freight costs. About P440 million will be used to construct and renovate fuel depots with a combined storage capacity of up to 40 million liters, while the balance will be allocated for general corporate purposes.
Advisers and business operations
PNB Capital and Investment Corp. served as sole issue manager, while Security Bank Capital Investment Corp. acted as joint lead underwriter and joint bookrunner. Top Line operates commercial fuel trading, depot operations and retail fuel businesses in the Visayas.
