Listed fuel distributor and retailer Top Line Business Development Corp. (TOP) has secured regulatory approvals from the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) for its follow-on offering of perpetual preferred shares worth up to ₱1.5 billion.
The offering covers up to ₱1 billion in firm shares, equivalent to as many as 10,000,000 perpetual preferred shares, with an oversubscription option of up to ₱500 million or an additional 5,000,000 option shares.
The SEC, during its April 28, 2026, meeting, issued pre-effective clearance for TOP’s registration statement. This was followed by the PSE Board of Directors’ approval of the Company’s listing application on April 29, 2026. The listing is targeted for June 11, 2026, with an indicative offer price of up to ₱100.00 per share.
“This offering marks the next chapter in Top Line’s growth story. By accelerating our vertical integration strategy, we are building a more resilient and integrated business that can better serve our customers, capture greater margins, and support our regional expansion,” said Eugene Erik Lim, Chairman, President, and CEO of TOP.
Proceeds from the issuance will fund the Company’s vertical integration strategy, particularly the expansion of importation facilities and depot storage capacity. These investments are expected to enhance procurement flexibility, strengthen supply stability, and improve margin capture across its fuel distribution and retail operations.
Based on the regulatory timetable, the offer period is scheduled from May 19 to June 1, 2026.
TOP has appointed PNB Capital and Investment Corporation as sole issue manager, and joint lead underwriter and joint bookrunner together with Security Bank Capital Investment Corporation for the transaction.