TOP Line Business Development Corp.'s shelf registration of 150 million preferred shares has been approved by the Securities and Exchange Commission (SEC).
In a disclosure on Monday, the company said it had received the Certificate of Filing of Enabling Resolution, paving the way for share offerings.
The company, which is mainly engaged in commercial fuel trading, said the SEC also approved the offer and sale of a first tranche consisting of up to 10 million shares with an oversubscription option of up to five million shares at P100 apiece.
Proceeds from the first tranche will be used to support supply chain optimization and expand its depot infrastructure and storage capacity in order to accommodate higher import volumes.
PNB Capital and Investment Corp. will be the sole issue manager as well as joint lead underwriter and joint bookrunner together with Security Bank Capital Investment Corp.
Top Line shares edged up P0.01, or 0.71 percent, to close at P1.42 each on Monday. THE MANILA TIMES
