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Manila Bulletin devider Business devider The Stock Market devider Top Line eyes ₱1.5-billion raise to boost fuel business

Top Line eyes ₱1.5-billion raise to boost fuel business

Published Mar 23, 2026 10:20 am

Cebu-based listed firm Top Line Business and Development Corp. is set to raise up to ₱1.5 billion through a share offering to fund importation and trading activities, among other investments to improve its fuel distribution and retail operations.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, March 23, Top Line said it has filed its registration with the Securities and Exchange Commission (SEC) to offer up to ₱1 billion worth of firm shares through 10 million perpetual preferred shares.

The offering will begin on May 19 and run through June 1, while the dividend rate will be specified during the book-building process.

The fundraising activity includes an oversubscription option of more than ₱500 million, equivalent to up to five million perpetual preferred shares, which is scheduled for June 11. The company anticipates securing regulatory approval prior to the sale.

Once finalized, proceeds from the share sale will be directed to fuel importation through its subsidiary, Topline Logistics and Development Corp. (TLDC), and its trading house in Singapore.

The funds will also be used to expand depot infrastructure and storage capacity to accommodate higher imports, especially as its other subsidiary, Light Fuels Corp., is set for continued expansion. According to the firm, the fuel unit will ramp up its station network and boost market penetration in Visayas region.

Eugene Erik Lim, chairman, president, and chief executive officer (CEO) of Top Line, said this would boost the company’s capital as it ramps up its supply chain and retail operations.

“The preferred share issuance marks an important step in strengthening our capital base while providing stable returns for our investors through fixed dividends,” he said.

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

Top Line has tapped PNB Capital and Investment Corp. as the sole issue manager and lead underwriter and joint bookrunner, alongside Security Bank Capital Investment Corp.

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