Top Line Business Development Corp. said on Tuesday it acquired 38 retail fuel stations, a 2-million-liter depot, and 15 fuel tanker trucks from Total Oil & Gas Resources Inc. and Ballston Metro Corp.
The P925-million acquisition will accelerate the expansion of Top Line’s retail arm, Light Fuels, across the Visayas region.
Top Line told the Philippine Stock Exchange that it has allocated P400 million of its initial public offering proceeds toward expanding its service station network. The company raised P733 million from its initial public offering in April.
Eugene Erik Lim, Top Line’s chairman, president, and chief executive officer, said the acquisition will leap frog the expansion plan for its retail arm. “As part of our flexible expansion strategy, we pursued opportunistic acquisitions to fast-track growth of Light Fuels. This deal supports our long-term goals by enabling faster market entry and scalable operations,” he said.
While many of the newly acquired stations are in Cebu, the acquisition also marks Top Line’s first expansion outside Cebu, with new locations in Leyte, Siquijor, and Negros Oriental. This move boosts the company’s presence across key Visayas markets.
The new depot in San Jose, Negros Oriental, will serve as a distribution hub for stations in Negros Oriental and Siquijor. The additional 15 tanker trucks increase logistics capacity, supplementing the existing fleet of 22 trucks.
Senior Vice President and chief operating officer Brigitte Carmel Lim said, the large depot space and tanker fleet positions Top Line “for rapid growth, ensuring efficient fuel delivery and inventory management.”
Top Line expects these stations to add at least 36.5 million liters in annual fuel sales, complementing last year’s 72.45 million liters sold.
“With rising consumption and economic growth in Visayas, this acquisition strengthens our retail fuel revenues alongside our commercial fuel trade,” Lim said.
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