Top Line Business Development Corp. has secured the Securities and Exchange Commission’s (SEC) approval for its preferred share offering that could raise nearly P1.5 billion in fresh capital to support expansion and operations.
The regulator said Wednesday that its Commission En Banc approved the registration statement of Top Line covering the shelf registration of up to 150 million preferred shares, subject to the company’s compliance with certain remaining requirements
The approval will allow the Cebu-based fuel retailer to proceed with an initial tranche of up to 10 million preferred shares, with an oversubscription option of up to five million shares, priced at P100 each.
If fully taken up, the tranche is expected to generate around P1.47 billion in net proceeds.
The preferred shares, which are perpetual, cumulative, non-voting, non-participating, non-convertible, redeemable, and reissuable, will be offered in one or more tranches.
Proceeds from the initial offering will be allocated for working capital, depot construction and renovation, and general corporate expenses.
The offer period is scheduled from 19 May to 1 June, with the targeted issuance and listing on the Philippine Stock Exchange Main Board set for 11 June, based on the company’s latest timeline submitted to the SEC.
Top Line tapped PNB Capital and Investment Corp. as sole issue manager for the offer.
It will also serve as joint lead underwriter and bookrunner, together with Security Bank Capital and Investment Corp.