CEBU CITY (July 18, 2025)–Top Line Business Development Corp. has thrown the brakes off its expansion, shifting into overdrive on a growth strategy that was originally set to unfold over three years.
What was presented to investors earlier this year during its roadshow for an initial public offering as a methodical, long-term plan has now been compressed into a matter of months—turbocharging the company’s trajectory in ways previously unmentioned.
Originally, Light Fuels, Top Line’s fuel distribution subsidiary, aimed to reach 50 gas stations by 2027, with 30 stations planned to be operational by the end of 2026. But recent acquisitions have catapulted those goals forward, putting the company on track to complete that three-year goal by the close of 2025.
Light Fuels currently operates four stations, with another eight slated to open through the course of the second half of this year. But the real game-changer came with a strategic acquisition deal involving Total Oil and Gas Resources Inc. and Baliston Metro Corp.—a move that instantly boosted Light Fuels’ footprint by 38 operating stations. Together, these stations sold a combined 36 million liters of fuel last year—half of the total 72 million liters Top Line sold in 2024, when its depot capacity was limited to 5 million liters. This year, Top Line has tripled that capacity, laying the groundwork for even stronger sales moving forward.
“The deal crystallized right after our IPO,” Eugene Erik Lim, chairman, president, and chief executive officer of Top Line, told reporters after the company’s first annual meeting post-listing. “We’re also eyeing more opportunities—proposals are on the table, and we’re reviewing them carefully.”
CEO Lim, joined in decision-making by his sisters, Brigitte Carmel Lim, senior vice president and chief operating officer, and Constance Marie Lim, chief financial officer, said the company is now positioning itself for a future that far exceeds the initial projections.
“We’re doing some serious pencil pushing now to revise our targets,” said CEO Lim, refusing to give even a ballpark figure. “But rest assured, the numbers we’re seeing are very bullish.”
What began as an investment of P400 million from IPO proceeds for new stations through 2026 has now swelled to P925 million following the acquisitions that will have an immediate impact on the company’s financial statements. The remaining P525 million will be funded through a combination of borrowings and internal resources.
So far, Top Line has invested P180 million in acquiring the 38 stations, along with a 2-million-liter depot and several fuel trucks. The deal also included the acquisition of 50,000 members from Total Oil and Baliston’s loyalty rewards program—effectively capturing a dedicated customer base for those stations.
To further fuel its expansion, Top Line is set to pay an additional P8.5 million to acquire a Phoenix Petroleum gas station in Cebu, a move that could open the door for further acquisitions from Phoenix, which has been actively seeking buyers for its assets.
“We seize opportunities with purpose and discipline,” said CEO Lim. “These acquisitions are strategic moves that demonstrate our disciplined and effective use of capital to accelerate our momentum…ensuring they contribute to our bottom line while delivering sustainable value for our shareholders.”
CFO Constance Marie Lim noted that the P625 million net proceeds from the IPO will help improve the company’s debt-to-equity ratio from the current 68-32 split. The higher equity position will give Top Line the financial flexibility to seek up to P1.5 billion in new loans—a sign that the company is preparing for even greater growth.
Adding to the urgency, Top Line has now tripled its fuel storage capacity to 15 million liters. According to CEO Lim, this expanded capacity is more than enough to support the needs of over 100 gas stations, as well as the company’s growing commercial client base.
Fuel sales surged 38 percent year-on-year in the first half of 2025, reaching 44.4 million liters. At the current pace, total sales could exceed 100 million liters by year’s end, buoyed by the addition of the 38 already operating stations.
When asked about the possibility of franchising Light Fuels, COO Brigitte Lim was measured but firm: “We’re not there yet. It’ll likely take a few years before we decide if we’re ready to open up our operations to outside investors.”
For now, Top Line’s aggressive expansion and calculated moves are anything but subtle. The company is clearly on a path to something far bigger than anyone could have predicted just a few months ago.
And the proof is in the performance of its shares. After pricing the IPO shares at P0.31, Top Line’s stock has soared to as high as P1.43, with its most recent trade sitting at P1.18—a dramatic reflection of investor confidence in the company’s bold new direction.
