Despite oil shock, Top Line eyeing P1.5 billion for expansion

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March 24, 2026 | 12:00am

MANILA, Philippines — Top Line Business Development Corp. is returning to the capital market with plans to raise up to P1.5 billion to fuel its expansion into Singapore and boost its direct import operations.

The listed fuel retailer of Cebu’s Lim family has filed its registration statement with the Securities and Exchange Commission for a follow-on offering of up to 15 million perpetual preferred shares, targeted for June 11.

The transaction consists of 10 million shares, with an oversubscription option of up to five million additional shares. These will be offered at an indicative price of up to P100 apiece, subject to a book-building process.

“The preferred share issuance marks an important step in strengthening our capital base while providing stable returns for our investors through fixed dividends,” Top Line chairman, president and CEO Eugene Erik Lim said.

Based on the company’s indicative timeline, the offer period is scheduled from May 19 to June 1.

Top Line has tapped PNB Capital and Investment Corp. as sole issue manager, working alongside Security Bank Capital Investment Corp. as joint lead underwriters and bookrunners.

“As we build on the momentum from our initial public offering last year, this fundraising will support our vertical integration strategy by enhancing supply chain capabilities, expanding our retail network and improving procurement flexibility,” Lim said.

Proceeds from the share sale will be used to support Top Line subsidiary Topline Logistics and Development Corp.’s direct fuel importation following the creation of its trading house in Singapore.

The move, which marks Top Line’s first step toward global expansion, is expected to enable direct access to global suppliers, sharpen procurement strategies and ramp up the company’s importation activities.

Given this, the fuel distributor intends to expand its depot and storage capacity to accommodate high import volumes amid growing demand in Visayas.

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