Top Line Business Development Corp. (TOP) has approved a PHP 199.5 million capital infusion into its fuel retail subsidiary, Light Fuels Corp., to support its planned retail network expansion.

In a disclosure to the Philippine Stock Exchange, TOP said its board, in a special meeting on October 8, also cleared the reclassification of 800 million common shares to preferred shares and called a special stockholders’ meeting on December 2, 2025 to seek shareholder approval for the move.

TOP said the additional investment in Light Fuels Corp., which will maintain the parent’s 99.75% ownership, is meant to “strengthen its financial position in support of its retail network expansion.”

The board likewise approved a PHP 185.6 million additional investment in Topline Logistics and Development Corp., keeping the parent’s 75% stake, following the logistics unit’s registration with the Bureau of Customs to engage in import activities.

In total, the group earmarked PHP 385.1 million for the two subsidiaries.

The share reclassification represents about 7.45% of Top Line’s 10.74 billion outstanding common shares. The company said it will amend its Articles of Incorporation to reflect the change.

The resolutions are part of Top Line’s efforts to strengthen its capital structure and subsidiaries’ operational capacities.

How might Light Fuels’ expansion and Top Line’s capital restructuring affect the local fuel retail market? Share your insights below.

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