Top Line’s P1.5-B share sale OKd

TOP LINE Business Development Corp. has secured regulatory approval to proceed with a P1.5-billion preferred share offering, marking the company’s latest capital-raising move to fund expansion and boost its fuel infrastructure.

In a statement on Thursday, the listed Cebu-based fuel distributor and retailer said the Securities and Exchange Commission has issued a permit allowing the sale of up to 10 million perpetual preferred shares, with an oversubscription option of up to 5 million shares. The shares are priced at P100 each.

The offer period will run from June 4 to 16, with listing on the main board of the Philippine Stock Exchange scheduled for June 26.

“We see this follow-on offering as a natural extension of the growth momentum we began with our initial public offering last year, as we continue to execute our vertical integration strategy and invest in infrastructure that strengthens our long-term competitiveness,” Top Line Chairman, President and Chief Executive Officer Eugene Erik C. Lim said.

He said the company is focused on executing a vertical integration strategy aimed at strengthening its logistics and supply chain capabilities.

Net proceeds from the offering will fund expansion projects, particularly in depot capacity and fuel importation infrastructure.

As much as P1 billion is allocated for import-related expenses, including procurement of petroleum products, freight and logistics costs.

About P440 million will be used for depot construction and upgrades, supporting storage capacity of up to 40 million liters.

The company also plans to develop a larger energy complex in Cebu, which is expected to significantly expand its fuel storage capacity and serve as a central logistics hub for its operations in the Visayas.

The project’s initial phase will involve refurbishment and optimization works, with completion targeted for the fourth quarter of 2026.

Once fully operational, the facility is expected to quadruple storage capacity from about 10 million liters, improving distribution efficiency and supply reliability.

Mr. Lim said the fundraising would help position the company for its next stage of growth while aligning with broader efforts to strengthen energy security and improve fuel supply stability in regional markets.

Top Line, which originally operated in leasing and real estate, entered the fuel industry in 2017 and has since expanded into trading, depot operations and retail distribution.

The company has been building out its downstream fuel network as competition intensifies in the sector and demand for more resilient fuel logistics infrastructure rises.

Top Line shares closed unchanged at P1.40 on the local bourse. — Sheldeen Joy Talavera