Top Line Business Development Corp. said it has secured approval from the Securities and Exchange Commission and the Philippine Stock Exchange to proceed with a follow-on offering of perpetual preferred shares worth up to PHP 1.5 billion.

The offering includes up to PHP 1 billion in firm shares, with an oversubscription option of up to PHP 500 million.

The company plans to offer up to 15 million preferred shares at an indicative price of up to PHP 100 per share.

The offer period is scheduled from May 19 to June 1, 2026, with listing targeted on June 11, 2026.

The proceeds from the offering will be used to support the company’s expansion plans, particularly its strategy to strengthen its fuel supply chain.

This includes investments in fuel importation and depot storage facilities, which are expected to improve supply stability and allow the company to better manage procurement.

Top Line said these investments will also help improve margins by giving the company more flexibility in sourcing fuel.

The company said the fundraising will also support its long-term growth strategy as it expands its operations in the downstream oil sector.

Top Line is a Cebu-based company engaged in fuel trading, depot operations, and retail fuel distribution, with operations mainly in the Visayas region.

How can investments in fuel storage and importation capacity improve supply stability in the Philippines?

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