Cebu-based fuel retailer Top Line Business Development Corp. (TOP) plans to raise fresh capital next year to fund direct fuel importation, expand its depot infrastructure and grow its retail network.
TOP shareholders on Dec. 2, 2025 authorized the company to pursue various capital-raising activities, including a private placement, a follow-on offering or debt issuance. The shareholders also approved the reclassification of 800 million unissued common shares into preferred shares.
“Our growth trajectory is clear and compelling. The issuance of preferred shares provides investors with steady returns through fixed dividends and allows us to strengthen our balance sheet and accelerate our vertical integration strategy,” said TOP chairman, president and chief executive Eugene Erik Lim.
The proceeds from the planned preferred share issuance will support the company’s move into direct fuel importation through its subsidiary, Topline Logistics and Development Corp.
TOP expects the shift to improve pricing, enhance supply stability, increase margins, and boost efficiency across its fuel businesses.
The capital infusion will also fund the expansion of depot infrastructure and storage capacity to accommodate higher import volumes. The fundraising will also support the growth of its retail fuel arm, Light Fuels Corp., as it broadens its network across the 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,” Lim said.
“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,” he said.
TOP was listed on the main board of the local bourse in April, raising P732 million in proceeds. From its initial public offering price of P0.31 per share, TOP’s share price surged by more than 500 percent to an all-time high of P2 in July. The stock is currently trading at P1.88.
 plans to raise capital in 2026 via preferred shares, private placement, or a follow-on offering to fund direct fuel importation, depot expansion, and retail network growth in the Visayas region.){kind=link}