Top Line Business Development Corp. said its board has unanimously approved the acquisition of a Phoenix Petroleum Philippines Inc. gasoline station in Cebu through its subsidiary, Light Fuels Corp.
The deal, valued at P8.5 million, builds on expansion momentum following Top Line’s recent addition of 38 gasoline stations—a move that is aligned with its strategy of market expansion and increased visibility in the retail fuel sector.
The agreement with Phoenix involves the purchase of its Cebu station’s fixtures, machinery, equipment, and leasehold rights.
Phoenix has been selling assets to better manage its debts and finances.
The Cebu-based listed company said the acquisition aligns with its broader strategy to strengthen its footprint in fuel distribution and retail. Aside from the 38 retail fuel stations, Top Line also acquired a two-million-liter fuel depot, and 15 tanker trucks from Total Oil & Gas Resources Inc. and Ballston Metro Corp.
The company said it expects to spend a total of P925 million for the recently announced acquisitions, including renovation costs for the Phoenix station.
Top Line, which began operations in 2012 and focuses on fuel distribution and logistics, raised P733 million from its initial public offering in April. Of that amount, P400 million has been earmarked for the expansion of its service station network nationwide.
