CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) plans to acquire a gasoline station in Cebu owned by Phoenix Petroleum, Inc. as part of its expansion plans.
In a regulatory filing on Thursday, Topline said its board of directors approved the acquisition by its subsidiary, Light Fuels Corp., of Phoenix Petroleum’s gasoline station in Cebu.
The acquisition includes the station’s fixtures, machinery and equipment, and leasehold rights.
“This move supports our goal to grow the Light Fuels network across the Visayas and make quality fuel more accessible to more communities,” said Bridgette Carmel C. Lim, senior vice-president and chief operating officer of Topline, in a Viber message.
The company recently disclosed plans to acquire P180 million worth of assets as part of its planned P925-million investment to accelerate expansion in the Visayas.
Light Fuels entered into a purchase agreement with Total Oil & Gas Resources, Inc. and Ballston Metro Corp. for assets worth P120 million and P60 million, respectively.
The acquired assets include 38 retail fuel stations located across Cebu, Leyte, Siquijor, and Negros Oriental. These also cover a two-million-liter depot facility, 15 fuel tanker trucks, machinery and equipment, and intangible assets such as a customer loyalty program and leasehold rights.
The acquisition is being financed through a combination of bank financing and internally generated funds.
With the additional stations, the company expects to distribute at least 35.6 million liters in annual fuel sales volume.
Topline began in the leasing and real estate business but later entered the fuel industry in 2017. It is now active in commercial trading, depot operations, and retail fuel across the Visayas region.
Through Light Fuels, the company introduced its first service station in Mandaue City, Cebu, in 2023. — Sheldeen Joy Talavera
