Top Line invests P925M in fuel push

Listed fuel retailer Top Line Business Development Corp. is investing around P925 million to expand its retail fuel business in the Visayas through the acquisition of 38 fuel stations, a two-million-liter depot, and 15 fuel tanker trucks.

In a disclosure to the Philippine Stock Exchange on Tuesday, the Cebu-based company said the deal was made with Total Oil & Gas Resources, Inc. and Ballston Metro Corp. About P400 million of the investment will come from its P733-million initial public offering proceeds raised last April 8.

“As part of our flexible strategy for expansion, we explored opportunistic acquisitions of retail fuel stations to fast-track the growth of our Light Fuels brand. This acquisition supports our broader long-term growth objectives by enabling faster market entry and operational scalability,” said Eugene Erik Lim, chairman, president, and CEO.

Senior Vice President and Chief Operating Officer Brigitte Carmel Lim said the new depot in Negros Oriental, along with recently secured depot space in the Mandaue terminal and the expanded tanker fleet, positions the company for rapid expansion. She added that Top Line has systems in place for efficient inventory management and fuel deliveries as it grows its network.

The new assets include retail stations in Cebu and, for the first time, will allow Top Line to expand beyond the province into Leyte, Siquijor, and Negros Oriental.

The depot in San Jose, Negros Oriental will serve as a distribution hub for the region, while the 15 new trucks will boost its existing logistics fleet of 22 tankers.

The company expects the new stations to contribute at least 36.5 million liters in annual liquid fuel sales. Top Line sold 72.45 million liters last year.