Preferred share issuance to bolster importation, depot capacity, and retail network expansion
Highlights
- Shareholders approve reclassification of 800M unissued common shares into preferred shares
- Board of Directors authorized to pursue capital-raising activities, including private placement, follow-on offering, or debt issuance
- Fundraising to support fuel importation, depot expansion, and retail network growth
Cebu, Philippines – The shareholders of listed fuel distributor and retailer Top Line Business Development Corp. (“TOP” or the “Company”) have approved the reclassification of 800 million unissued common shares into preferred shares, as well as the authority of the Board of Directors to pursue capital-raising activities, such as private placement, follow on offering, or debt issuances, at its Special Stockholders’ Meeting on December 2, 2025.
“Our growth trajectory is clear and compelling. The issuance of preferred shares provides investors with steady returns through fixed dividends, while allowing us to strengthen our balance sheet and accelerate our vertical integration strategy. We intend to undertake capital-raising activities, targeting next year, 2026,” Mr. Eugene Erik Lim, Chairman, President, and CEO said.
Proceeds from the preferred share issuance is aimed to optimize TOP’s supply chain as it commences direct fuel importation through its subsidiary, Topline Logistics and Development Corp. (TLDC). This initiative is expected to provide better pricing, improve supply stability, capture better margins, and enhance efficiency across the Company’s fuel businesses. TOP also plans to expand its depot infrastructure and storage capacity to accommodate increased import volumes. Along with these efforts, it is expected to also support the growth of TOP’s retail fuel arm, Light Fuels Corp., as it expands its network to improve its market share across the rapidly growing Visayas region.
“These initiatives aim to enhance operational efficiency, reduce landed cost and overall operating costs, and improve our profitability and ultimately creating greater long-term value for our shareholders. We are confident that this direction places Top Line in a stronger strategic position, one that allows us to integrate vertically, capture more value from the supply chain, and deliver higher margins and more resilient income streams,” Mr. Lim added.