CEBU-BASED fuel distributor and retailer Top Line Business Development Corp. (TOP) raised P1.5 billion after its follow-on offering (FOO) of perpetual preferred shares was oversubscribed, providing fresh capital to expand its fuel importation and storage capacity in the Visayas.
The Series A preferred shares, listed on the Philippine Stock Exchange on Friday, June 26, 2026, under the ticker symbols TOPA1 and TOPA2, consisted of P1 billion in firm shares and a P500-million oversubscription option, which was fully taken up.
TOPA1 carries an annual dividend rate of 9.1325 percent, while TOPA2 offers 9.5981 percent.
The company said the strong investor demand reinforces its strategy to strengthen energy security in the Visayas through expanded fuel supply infrastructure.
Top Line chairman, president and chief executive officer Eugene Erik Lim said the proceeds will support the company’s long-term growth plans and help address gaps in the region’s fuel supply chain by increasing its supply, storage and distribution capabilities.
Up to P1 billion of the proceeds will fund working capital requirements for fuel importation, including petroleum purchases, shipping and freight costs. About P440 million will be used to construct and renovate fuel depots with a combined storage capacity of up to 40 million liters, while the balance will be allocated for general corporate purposes.
PNB Capital and Investment Corp. served as sole issue manager, while Security Bank Capital Investment Corp. acted as joint lead underwriter and joint bookrunner. Top Line operates commercial fuel trading, depot operations and retail fuel businesses in the Visayas. / KOC