SEC approves Top Line’s P1.5-B preferred share offer

THE Securities and Exchange Commission (SEC) has approved the preferred share offering of Top Line Business Development Corp. of up to P1.5 billion in its initial tranche, allowing the company to proceed with the planned issuance.

“In its meeting on April 28, the Commission En Banc resolved to render effective 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 SEC said in a statement.

In the initial tranche, the fuel trading firm plans to offer up to 10 million preferred shares, with an oversubscription option for another 5 million shares, priced at P100 each.

The offer could generate about P1.47 billion in net proceeds if fully exercised, which the company intends to use for working capital, depot construction or renovation, and general corporate expenses.

The offer period is scheduled from May 19 to June 1, with issuance and listing on the Philippine Stock Exchange’s main board targeted for June 11, based on the company’s latest timetable submitted to the SEC.

Top Line has tapped PNB Capital and Investment Corp. as sole issue manager for the offering, which will also act as joint lead underwriter and bookrunner alongside Security Bank Capital and Investment Corp.

Shares in Top Line were unchanged at P1.41 each at the close of trading on Wednesday. — Alexandria Grace C. Magno