Top Line Business Development Corp. has secured regulatory approval from the Securities and Exchange Commission (SEC) for a P1.5-billion preferred share offering, as reported by BusinessWorld .
The capital-raising move is intended to fund the company’s expansion plans and enhance its fuel infrastructure. The listed Cebu-based fuel distributor and retailer announced the SEC permit in a statement on Thursday.
Top Line, which operates in the fuel retail sector, is pursuing this offering to strengthen its financial position and support growth initiatives. The company did not provide a timeline for the share sale but noted that proceeds would be allocated to strategic projects.