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Richmond Mercurio - The Philippine Star
May 1, 2026 | 12:00am
MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the preferred share offering of Top Line Business Development Corp., which intends to raise up to P1.5 billion in the initial tranche.
The commission said it resolved to render effective the registration statement of Top Line covering the shelf registration of up to 150 million preferred shares, subject to the company’s compliance with certain remaining requirements.
The preferred shares, which are perpetual, cumulative, non-voting, non-participating, non-convertible, redeemable and reissuable, will be offered in one or more tranches.
Top Line will offer up to 10 million preferred shares, with an oversubscription option of up to five million shares, priced at P100 apiece, for the initial tranche.
Assuming the oversubscription option is fully exercised, the SEC said Top Line expects to net around P1.47 billion from the initial tranche.
The listed commercial fuel trading company will use the proceeds for working capital, depot construction/renovation, and general corporate expenses.
According to the latest timeline submitted by Top Line to the commission, the company’s offer period will run from May 19 to June 1, with the issuance and listing of the preferred shares on the main board of the Philippine Stock Exchange (PSE) eyed on June 11.
PNB Capital and Investment Corp. was tapped as the sole issue manager for the offer. It will also serve as joint lead underwriter and bookrunner, together with Security Bank Capital and Investment Corp.
Top Line, a Cebu-based company active in commercial fuel trading, depot operations, and retail fuel in the Visayas region, debuted on the PSE in April last year, raising P732.6 million from an oversubscribed initial public offering.
It has two subsidiaries – Topline Logistics and Development Corp., which is engaged in the importation, trading, distribution and marketing of petroleum-based products, and Light Fuels Corp., which is engaged in the retail fuel sector.
