Insider Spotlight:
Driving the change:
At a special board meeting held on June 23, 2025, TOP’s directors approved a realignment of its P624.6-million IPO proceeds. The new plan shifts P100 million from fuel tanker acquisition to the broader expansion of service stations. Working capital was also increased by P80 million.
Breakdown of changes:
Use of Proceeds | Original (P million) | Revised (P million) |
Construction of stations | 300.0 | — |
Expansion of network | — | 400.0 |
Fuel tanker acquisition | 180.0 | — |
Working capital | 134.6 | 214.6 |
General corporate use | 10.0 | 10.0 |
| TOTAL | 624.6 | 624.6 |
Company rationale:
“The company has determined that the reallocation is to optimize capital deployment by redirecting funds toward more flexible strategies for expansion, still inclusive of construction of service stations,” TOP said in its disclosure to the Philippine Stock Exchange on Monday, June 23, 2025.
By focusing on broader expansion, the firm aims to fast-track market entry and operational scalability while remaining aligned with long-term growth objectives.
Operational shift:
TOP also secured additional depot space through its existing lease in Mandaue City, allowing it to postpone investment in fleet logistics.
“This additional storage capacity enhances operational efficiency and inventory management,” the company noted.
What’s next:
TOP expects to fully deploy its IPO proceeds by the end of 2026. The company said the reallocation supports its “ongoing commitment to practical financial management and its strategic focus on maximizing shareholder value.”
