The privately negotiated block sale to an undisclosed buyer involved 360 million TOP shares sold at P1.40 apiece by controlling shareholder Topline Equity Corp., based on a stock exchange filing Thursday.
This is equivalent to roughly P504 million or a 3.3 percent stake in the firm.
The shares were sold at a 0.7 percent discount to the previous day’s closing price and roughly 350 percent above TOP’s April 2025 IPO price of P0.31, when weaker market conditions forced the Cebu-based fuel retailer to sharply downsize its offering.
These were also secondary shares, meaning proceeds will go directly to the Lim family rather than the listed company itself.
The transaction lifted TOP’s public float to 24.64 percent from 21.29 percent while reinforcing confidence around the company’s expansion strategy across the Visayas.
TOP is separately pursuing a planned P1.5 billion perpetual preferred share sale as it accelerates expansion of its fuel retail, storage and logistics footprint.
The company recently secured an approximately 30-million-liter fuel depot facility in Cebu, reviving larger storage ambitions it had earlier pushed into the background during the IPO restructuring.
Rather than building entirely new depots from scratch, however, TOP is taking a more measured approach by refurbishing and optimizing an existing facility as fuel demand and logistics requirements continue rising across the region.
—Edited by Miguel R. Camus
