TOP Line Business Development Corp. on Tuesday said its board had authorized a shelf registration for up to 150 million with the Securities and Exchange Commission (SEC).
Top Line’s board also approved a public offering of up to 10 million preferred shares with an oversubscription option of up to 5 million preferred shares.
The planned public offering will be subject to compliance with existing laws, rules and regulations of the SEC and the Philippine Stock Exchange, the company said.
Top Line said the shares would both be issued out of the unissued portion of its authorized capital stock.
The company earlier said that it was preparing for a capital-raising initiative to support supply chain enhancements including direct fuel importation, expanded storage infrastructure and retail network expansion.
Top Line saw its net income rise 21 percent to P120.29 million last year, from P99.44 million in 2024, on the back of strong volume sales.
Consolidated revenues grew 24 percent to P4.19 billion from P3.37 billion, supported by higher volume sales from commercial fuel trading and rapid retail market penetration.
Top Line shares on Tuesday shed P0.05, or 2.99 percent, to settle at P1.62 apiece.
