INSIDER INFO | Top Line fuels growth with share tweak, eyes import expansion

Top Line Business Development Corp. is quietly setting up its next growth phase. Less than a year after going public, the Cebu-based firm has begun reshaping its capital base—moves that insiders say could point to a larger fuel importation push.

At a special board meeting on Oct. 8, the company approved the reclassification of 800 million unissued common shares into preferred shares. The shift gives Top Line flexibility to raise fresh funds without diluting control—a structure often used to finance capital-heavy ventures.

The board also authorized new equity infusions for two key subsidiaries: almost P200 million for Light Fuels Corp., which runs its retail station network, and about P200 million for Topline Logistics and Development Corp., which recently secured a Bureau of Customs registration—an essential step for import operations.

Industry watchers also noticed that the company has also called for a special stockholders’ meeting in December, seeking authority to hire advisers and pursue new fundraising options, including private placements, follow-on offerings, or debt issuances.

These developments suggest Top Line may be preparing to leverage its new preferred shares to bankroll an import business.

People familiar with the Lim family’s expansion playbook say the strategy fits a familiar pattern: vertical integration.

By controlling more of the value chain—from import terminals to retail pumps—Top Line can reduce dependence on third-party suppliers and strengthen margins.

The company already expanded its Light Fuels footprint to 50 stations this year through a P1-billion acquisition of Total Oil & Gas Resources Inc. and Ballston Metro Corp., expanding across Cebu and the Visayas.

The newly issued customs accreditation for Topline Logistics is a crucial piece of the puzzle, positioning the group to become a regional fuel distributor rather than just a downstream player.

With its stock trading more than 300 percent above its IPO price, the company appears to be capitalizing on market momentum while competition in the fuel sector heats up.

Top Line has, so far, been mum on the details, citing ongoing regulatory processes. But industry watchers see the outlines of a broader plan: a capital retooling built not just for the next quarter—but for the next growth wave.