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Manila Bulletin devider Business devider The Stock Market devider Top Line raises up to ₱1.5 billion for Visayas expansion

Top Line raises up to ₱1.5 billion for Visayas expansion

Published Jun 26, 2026 11:35 am
From left to right: Light Fuels Retail Trade Manager, Dwight Christian Jonas Villon; Vice President and Head of Commercial Fuel Trade, Alvin Lato; First Vice President and Chief Financial Officer, Atty. Constance Marie Lim, CPA; Senior Vice President and Chief Operating Officer, Brigitte Carmel Lim; Chairman, President and CEO Eugene Erik Lapasaran Lim; PSE President and CEO, Ramon Monzon and the rest of the management officers.
From left to right: Light Fuels Retail Trade Manager, Dwight Christian Jonas Villon; Vice President and Head of Commercial Fuel Trade, Alvin Lato; First Vice President and Chief Financial Officer, Atty. Constance Marie Lim, CPA; Senior Vice President and Chief Operating Officer, Brigitte Carmel Lim; Chairman, President and CEO Eugene Erik Lapasaran Lim; PSE President and CEO, Ramon Monzon and the rest of the management officers.

Cebu-based Top Line Business Development Corp. announced that its follow-on offering (FOO), which will support the company’s expansion plans, has been oversubscribed.

In a disclosure to the Philippine Stock Exchange (PSE) on Friday, June 26, Top Line said it raised up to ₱1.5 billion through its FOO of series A perpetual preferred shares, reinforcing its energy security strategy in Visayas.

The offering consisted of 10 million perpetual preferred shares worth ₱1 billion in firm shares, alongside an oversubscription option of up to five million option shares worth up to ₱500 million.

The capital raised will help address regional supply gaps by supporting the company’s strategic expansion and vertical integration initiatives, specifically targeting its storage capacity and importation capabilities.

Under the allocation plan, the company will use up to ₱1 billion for working capital requirements related to importation, including the procurement of petroleum products, shipping, and freight costs.

Another ₱440 million has been earmarked for the construction and renovation of a depot with a capacity of up to 40 million liters, with the remaining balance allocated for general corporate purposes.

Erik Lim, Top Line chairman, president, and chief executive officer (CEO), said the move is designed to ensure the company has sufficient supply, storage, and distribution capabilities to meet the region’s growing demand despite current headwinds in the fuel industry.

“Top Line has always been guided by the ability to recognize opportunity amid uncertainty,” Lim said, noting that strategic foresight has positioned the company for continued growth since its initial public offering (IPO) in 2025, which was launched amid a global trade war.

“With this successful offering, we intend to help address gaps in the Visayas fuel supply chain by ensuring that we have sufficient supply, storage capacity, and distribution capabilities to meet the region’s growing demand,” he added.

To manage the transaction, Top Line tapped PNB Capital and Investment Corp. as its sole issue manager, alongside joint lead underwriter and joint bookrunner Security Bank Capital Investment Corp. - Gabriell Christel Galang

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Top Line Business Development Corp. (Top Line)
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