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Manila Bulletin devider Business devider The Stock Market devider SEC approves Top Line's ₱1.5-billion follow-on offering of preferred shares

SEC approves Top Line's ₱1.5-billion follow-on offering of preferred shares

Published Apr 29, 2026 09:17 am

The Securities and Exchange Commission (SEC) has approved the application of Cebu-based listed fuel trader and retailer Top Line Business Development Corp. for the shelf registration of ₱15 billion worth of preferred shares, as well as its first tranche offering to raise up to ₱1.5 billion.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, April 29, Top Line said the SEC approved the shelf registration of up to 150 million perpetual, cumulative, non-voting, non-participating, non-convertible, redeemable, and re-issuable preferred shares.

The SEC also approved the offer and sale of the first tranche comprising up to 10 million perpetual preferred shares and an oversubscription option of up to five million perpetual preferred shares at an offer price of up to ₱100 per share.

Top Line has named PNB Capital and Investment Corp. as its sole issue manager, while the joint lead underwriters and joint bookrunners will be PNB Capital and Security Bank Capital Investment Corp.

Top Line said earlier that it is planning to raise fresh capital this year to fund its business expansion and sustain its record financial performance.

“In 2026, we are preparing for a capital-raising initiative to support supply chain enhancements, including direct fuel importation, expanded storage infrastructure, and retail network expansion,” Top Line Chairman, President, and Chief Executive Officer (CEO) Eugene Erik Lim said.

The firm reported a 21-percent growth in net income to a record ₱120.29 million last year from the ₱99.44 million earned in 2024, on the back of higher fuel volume sales from commercial fuel trading and rapid retail market penetration.

Top Line said it also generated a record ₱4.19 billion in consolidated revenues in 2025, a 24-percent increase from ₱3.37 billion in 2024.

Gross income jumped by 35 percent to ₱391.22 million last year from ₱289.08 million in 2024, due to effective pricing and cost management.

“Our 2025 performance affirms the strength of our vertical integration strategy. By reinforcing our commercial trading operations while expanding our retail presence, we are building a more diversified and scalable business,” Lim said.

He added, “Building on this growth trajectory, we are pursuing cost optimization initiatives to safeguard margins.” - James A. Loyola

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Top Line Business Development Corporation Erik Lapasaran Lim
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