Topline unit acquires Phoenix gas station in Cebu
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Listed fuel retailer Top Line Business Development Corp. (Topline) is expanding its retail business with the acquisition of a Phoenix Petroleum gasoline station in Cebu through its subsidiary, Light Fuels Corp. (LFC).
In a stock exchange disclosure on Thursday, Topline said its Board of Directors approved the acquisition during a special meeting held on 16 July.
The purchase includes the gasoline station’s fixtures, machinery, and equipment, and leasehold rights. LFC is 99.75 percent owned by Topline.
“The Board unanimously approved the acquisition by LFC of the gasoline station of Phoenix Petroleum Philippines, Inc.,” the company said.
The Board also authorized LFC and Topline President and CEO Eugene Erik C. Lapasaran Lim to sign the Asset Purchase Agreement with Phoenix.
However, no further details on the value or closing timeline of the transaction were disclosed.
Last week, Top Line also disclosed its plan to invest 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.
The 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 8 April.
