Listed fuel distributor and retailer Top Line Business Development Corp. (TOP) said it earmarked PHP1 billion from its successful PHP1.5 billion follow-on offering (FOO) as working capital expenditure, particularly to strengthen its depot capacity and procurement of petroleum products, shipping and freight costs to secure fuel security for the Visayas islands.
Following the successful FOO, the company said that around PHP440 million will be used for fuel depot construction in Cebu and renovation to achieve boost capacity by 40 million liters of fuel storage, augmenting its existing 10 million liter storage capacity.
Erik Lim, Top Line chairman, president and CEO, said the successful FOO will help address gaps in the Visayas fuel supply chain by ensuring that islands have sufficient supply, storage capacity, and distribution capabilities to meet the region’s growing demand.
“This year, despite significant headwinds in the fuel industry, we remained focused on the strong long-term fundamentals of the Visayas and the growing need for a more reliable and resilient fuel supply chain,” said Lim.
“Top Line has always been guided by the ability to recognize opportunity amid uncertainty. When we pursued our initial public offering in 2025, the market was confronting the effects of a global trade war. Through strategic foresight and disciplined execution, we positioned the Company for continued growth.”
PNB Capital and Investment Corporation is its sole issue manager with Security Bank Capital Investment Corporation as joint lead underwriters and joint bookrunners.
