The Securities and Exchange Commission (SEC) has cleared the preferred share offering of Top Line Business Development Corp., enabling the company to raise up to P1.5 billion from its initial tranche.
During an April 28 meeting, the SEC Commission En Banc rendered effective the registration statement for the shelf registration of up to 150 million preferred shares. These shares are perpetual, cumulative, nonvoting, nonparticipating, nonconvertible, redeemable, and reissuable, and will be offered in one or more tranches.
For the first tranche, the listed commercial fuel trading company will offer up to 10 million preferred shares, with an oversubscription option of up to five million shares. The shares are priced at P100 each, and Top Line—based in Cebu—expects to net approximately P1.47 billion if the oversubscription is fully exercised.
Proceeds from the offering will be allocated to working capital, depot construction or renovation, and other general corporate expenses, according to the regulator.
The offer period is scheduled from May 19 to June 1, with listing on the Main Board of the Philippine Stock Exchange targeted for June 11. Top Line has appointed PNB Capital and Investment Corp. as sole issue manager, also acting as joint lead underwriter and bookrunner with Security Bank Capital.