CEBU-BASED listed firm Top Line Business Development Corp. is expanding its fuel retail business following the board’s approval of its acquisition of a Phoenix Petroleum Philippines Inc. gasoline station in Cebu.
In a disclosure to the Philippine Stock Exchange, Top Line said its board of directors, during a special meeting held on July 16, 2025, approved the acquisition through its subsidiary Light Fuels Corp. (LFC).
LFC is 99.75 percent- owned by Top Line.
The deal covers the purchase of the gasoline station’s fixtures, machinery and equipment and leasehold rights.
The company has authorized LFC and Top Line president and chief executive officer Eugene Erik Lapasaran Lim to sign the asset purchase agreement with Phoenix Petroleum.
No additional details on the transaction value or expected timeline were disclosed.
Earlier, Top Line announced it embarked on a major expansion of its Light Fuels retail network through the P925-million acquisition of fuel assets, including 38 service stations, a two-million-liter depot and 15 tanker trucks. The acquired stations are located in Cebu, Leyte, Negros Oriental and Siquijor, marking Top Line’s first foray beyond Cebu Province. The new depot in San Jose, Negros Oriental will serve as a distribution hub, supporting logistics to retail sites across Negros and Siquijor.
The company said the acquisition from Total Oil & Gas Resources Inc. and Ballston Metro Corp. is part of a broader push to scale operations across key Visayas markets. Top Line allocated P400 million of the P733 million it raised from its April 2025 initial public offering for service station expansion.
The deal also strengthens the company’s supply chain infrastructure, bringing its fleet to 37 tanker trucks. The combined logistics capacity will support both retail and commercial operations while bolstering fuel availability in emerging economic zones.
Top Line expects the newly acquired stations to contribute an additional 36.5 million liters in annual liquid fuel sales, expanding on the 72.45 million liters sold in 2024. / KOC