Fuel distributor and retailer Top Line Business Development Corp. (TOP) is pushing to boost its market position and operational capabilities through a P1.5 -billion follow-on offering of perpetual preferred shares.

The SEC-filed offering will comprise up to 10 million shares, with an oversubscription option of 5 million shares, at an indicative price of up to P100 per share, subject to regulatory approval.

“The preferred share issuance marks an important step in strengthening our capital base while providing stable returns for our investors through fixed dividends,” TOP chairman, president, and CEO Eugene Erik Lim said on Monday.