Top Line Business Development Corp. (stock symbol: TOP), a fuel company based in Cebu, has successfully raised ₱1.5 billion by selling special shares called “preferred shares” to investors, according to a press release issued by the company on June 26, 2026.
What Happened?
Think of it like this: When a company needs money to grow its business, it can sell shares (small pieces of ownership in the company) to people who want to invest. Top Line sold a special type of share called “perpetual preferred shares” – these are different from regular shares because they pay investors a fixed amount of money each year, similar to how a savings account pays interest.
The company planned to raise ₱1 billion, but so many investors wanted to buy the shares that they sold even more – an additional ₱500 million worth. When more people want to buy shares than what’s available, we call this “oversubscribed.”
Two Types of Shares Were Offered
The preferred shares started trading on the Philippine Stock Exchange on June 26, 2026, under two ticker symbols:
- TOPA1 – pays 9.1325% per year in dividends (the money shareholders receive)
- TOPA2 – pays 9.5981% per year in dividends
What Will Top Line Do With the Money?
Top Line plans to use the ₱1.5 billion to strengthen its fuel business in the Visayas region:
- Up to ₱1 billion will be used for buying fuel products from other countries (importation), paying for shipping costs, and other operational needs
- Around ₱440 million will be spent building and improving fuel storage facilities (called “depots”) that can hold up to 40 million liters
- The remaining money will be used for general business needs
Why Is This Important?
According to Erik Lim, Top Line’s Chairman, President and CEO, the company wants to help make sure the Visayas region has enough fuel supply. By having more storage space and the ability to import fuel directly, they can better serve the growing demand in the area.
Lim mentioned that the company is focused on building “a more reliable and resilient fuel supply chain” despite challenges in the fuel industry.
About Top Line Business Development Corp.
Top Line is a Cebu-based company that works in three main areas: selling fuel to businesses, operating fuel storage facilities, and running retail gas stations in the Visayas region. The company has two subsidiaries: Topline Logistics and Development Corp. (which handles importing and distributing petroleum products) and Light Fuels Corporation (which operates retail fuel stations).
The company previously went public through an Initial Public Offering (IPO) in April 2025.
PNB Capital and Investment Corporation served as the sole issue manager for this offering, while Security Bank Capital Investment Corporation worked as joint lead underwriter and joint bookrunner.
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.
