The company launched a capital raise of P1 billion, issuing 10 million perpetual preferred shares, with an optional oversubscription allowing up to an additional P500 million and 5 million shares.
Two series of preferred shares were offered: TOPA1 carries an initial dividend rate of 9.1325 %, while TOPA2 is set at 9.5981 %.
Proceeds from the offering will support the firm’s expansion and vertical‑integration strategy, focusing on fuel importation and the development of storage infrastructure.
Up to P1 billion of the funds is earmarked for working capital to cover petroleum product purchases, shipping, freight and related expenses.
Approximately P440 million will be allocated to construct and renovate a fuel depot capable of storing up to 40 million liters of product.
The balance of the proceeds will be directed toward general corporate purposes.
Following the announcement, the company’s shares rose 2.63 % to P1.56 each.
