TOP Line Business Development Corp. on Friday said that it had raised P1.5 billion through an oversubscribed preferred share offering, proceeds of which will be used to fund fuel importation and storage expansion in its Visayas operations.
The Series A perpetual preferred shares, which listed on the stock exchange on Friday with the stock symbols TOPA1 and TOPA2, consist of P1 billion in firm shares and a fully subscribed P500-million oversubscription option.
The TOPA1 shares carry an annual dividend rate of 9.1325 percent while TOPA2 shares offer a dividend rate of 9.5981 percent.
“Top Line has always been guided by the ability to recognize opportunity amid uncertainty,” said Erik Lim, chairman, president and CEO of the commercial fuel trading firm.
“When we pursued our initial public offering in 2025, the market was confronting the effects of a global trade war,” he added.
“Through strategic foresight and disciplined execution, we positioned the company for continued growth. This year, despite significant headwinds in the fuel industry, we remained focused on the strong long-term fundamentals of the Visayas and the growing need for a more reliable and resilient fuel supply chain.”
Net proceeds from the offering will go toward supporting expansion and vertical integration initiatives, particularly the enhancement of Top Line fuel importation and storage capabilities.
The company said it would allocate up to P1 billion for working capital requirements related to fuel importation, including the procurement of petroleum products, shipping and freight costs and other importation-related operating expenses.
Around P440 million will be used to construct and renovate fuel depots with a combined storage capacity of up to 40 million liters while the remaining proceeds will go toward general corporate purposes.
PNB Capital and Investment Corp. acted as the sole issue manager and also served as joint lead underwriter and joint bookrunner together with Security Bank Capital Investment Corp.
“With this successful offering, we intend to help address gaps in the Visayas fuel supply chain by ensuring that we have sufficient supply, storage capacity, and distribution capabilities to meet the region’s growing demand,” Lim said.
The company is currently focused on its vertically integrated liquid fuels business. It has two subsidiaries, Light Fuels Corp. and Topline Logistics and Development Corp.
Top Line’s shares on Friday closed unchanged at P1.52 each.
