Top Line Business Development Corp. has announced that its planned issuance of up to P1.5 billion in perpetual preferred shares, under the ticker FOO, will carry initial fixed dividend rates exceeding nine percent. The development was reported by Philstar Biz on Friday.
The company did not disclose the exact dividend rate but indicated it will be set above nine percent per annum. The perpetual preferred shares are part of Top Line's capital-raising efforts to fund expansion and general corporate purposes.
Investors can expect the offer period to open in the coming weeks, subject to regulatory approvals. The high dividend yield is seen as an attractive opportunity amid the current low-interest-rate environment, though perpetual instruments carry no maturity date and deferrable payments.