PNB Capital and Investment Corp. will serve as sole issue manager and joint lead underwriter alongside Security Bank Capital Investment Corp., according to a board-approved plan.
The Cebu-based fuel distributor also secured approval to register perpetual preferred shares with regulators under a shelf registration program.
The structure allows the company to issue shares in phases depending on market conditions and investor demand.
The first tranche will consist of firm shares with an oversubscription option that could increase the size of the offering.
The fundraising move marks Top Line’s first major capital market transaction since completing its initial public offering last year.
—Edited by Miguel R. Camus
