Cebu-based fuel distributor and retailer Top Line Business Development Corp. (TOP) is seeking to raise up to PHP 1.5 billion through a follow-on offering of perpetual preferred shares, as it moves to deepen vertical integration across its fuel supply chain.

In a disclosure on Monday, the company said it has filed a registration statement with the Securities and Exchange Commission for the planned issuance, consisting of up to PHP 1 billion in firm shares and an oversubscription option of up to PHP 500 million. The offer covers as many as 15 million perpetual preferred shares priced at up to PHP 100 apiece, subject to book-building.

The offering is targeted for June 11, 2026, pending regulatory approvals, with the offer period tentatively set from May 19 to June 1.

“The preferred share issuance marks an important step in strengthening our capital base while providing stable returns for our investors through fixed dividends,” said Eugene Erik Lim, TOP chairman, president and CEO. “This fundraising will support our vertical integration strategy by enhancing supply chain capabilities, expanding our retail network, and improving procurement flexibility.”

Proceeds will be used to fund supply chain optimization initiatives, including direct fuel importation through subsidiary Topline Logistics and Development Corp., alongside the establishment of a trading presence in Singapore.

The company also plans to expand depot infrastructure and storage capacity to support higher import volumes. This will complement the continued rollout of its retail arm, Light Fuels Corporation, particularly across growth areas in the Visayas.

“Through these initiatives, we aim to improve operational resilience, enhance margins, and deliver sustainable long-term value to our shareholders,” Lim added.

The transaction will be managed by PNB Capital and Investment Corporation as sole issue manager, with Security Bank Capital Investment Corporation acting as joint lead underwriter and bookrunner.

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