Top Line Business Development Corp. (stock code: TOP), a fuel company based in Cebu, has announced plans to raise up to P1.5 billion by selling special shares called “perpetual preferred shares.” According to a press release from the company dated March 23, 2026, they filed the necessary paperwork with the Securities and Exchange Commission (SEC) to make this happen.
What is TOP Selling?
Think of shares like little pieces of a company that people can buy. TOP is planning to sell a special type of share called “preferred shares” which work differently from regular shares. Here’s what they’re offering:
- Main offering: Up to 10 million preferred shares worth P1 billion
- Extra option: Up to 5 million more shares worth P500 million (if many people want to buy)
- Price per share: Up to P100 each (the final price will be decided through a process called “book-building”)
- Sale date: Planned for June 11, 2026 (still waiting for approval)
What Does TOP Do?
Top Line Business Development Corp. is a company that works with fuel and gasoline in the Visayas region of the Philippines. They do three main things:
- Buy and sell fuel to other businesses
- Store fuel in large facilities called “depots”
- Sell gasoline directly to regular people through gas stations (through their subsidiary called Light Fuels Corporation)
Why Does TOP Need This Money?
According to Mr. Eugene Erik Lim, who is the Chairman, President, and CEO of TOP, the money will help the company do more things on its own instead of relying on other companies. This is called “vertical integration.” Here’s what they plan to do with the money:
1. Import Fuel Directly
Instead of buying fuel from other suppliers, TOP wants to bring in fuel directly from other countries through their subsidiary company, Topline Logistics and Development Corp. (TLDC). They’ve even set up an office in Singapore to help with this. This should help them get better prices and have more control over their fuel supply.
2. Build Bigger Storage Facilities
TOP wants to expand their depots (big storage tanks for fuel) so they can store more fuel when they start importing larger amounts.
3. Open More Gas Stations
They plan to help Light Fuels Corp., their gas station business, open more locations across the Visayas region so more people can buy fuel from them.
What Are Preferred Shares?
Preferred shares are special because they pay fixed dividends (regular payments) to the people who buy them, similar to how a savings account pays interest. The company mentioned that buyers will receive their first dividend payment three months after the shares are issued, and then continue receiving payments every quarter (every three months).
Who is Helping TOP With This Sale?
TOP has hired two big financial companies to help them sell these shares:
- PNB Capital and Investment Corporation – acting as the sole issue manager
- Security Bank Capital Investment Corporation – working together with PNB Capital as joint lead underwriters and bookrunners
When Can People Buy These Shares?
According to the press release, the planned selling period (called the “offer period”) is from May 19 to June 1, 2026, but this still needs approval from regulators.
About the Company
Top Line Business Development Corp. is based in Cebu City and operates mainly in the Visayas region. The company has 10,742,193,000 common shares outstanding, according to the SEC filing. They completed their initial public offering (IPO) last year, which was their first time selling shares to the public on the stock market.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
