Cebu-based energy company Top Line Business Development Corp. said Tuesday it acquired 38 retail fuel stations, a 2-million-liter depot and 15 fuel tanker trucks from Total Oil & Gas Resources Inc. and Ballston Metro Corp. for about P925 million.
The company said in a disclosure to the Philippine Stock Exchange (PSE) the acquisition, which includes retail stations in Cebu and new locations in Leyte, Siquijor and Negros Oriental, marks Top Line’s first expansion outside Cebu province.
Top Line said the P925 million will fund both the acquisition and renovation of the new sites, accelerating the growth of its retail arm, Light Fuels, in the Visayas.
“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 Topline chairman, president and chief executive Eugene Erik Lim.
To support the expansion, Top Line allocated P400 million from the proceeds of its April 2025 initial public offering.
The newly-acquired depot in San Jose, Negros Oriental will serve as a distribution hub for the company’s stations in Negros Oriental and Siquijor. The 15 new fuel tankers will also boost logistics capacity, supplementing Top Line’s existing fleet of 22 trucks, it said.
“With the new Negros Oriental depot, additional depot space recently secured in our Mandaue terminal, and our expanded tanker fleet, we are well-positioned for rapid expansion. Our systems are in place for prudent inventory management and efficient fuel deliveries to our new stations as we grow our footprint,” said Brigitte Carmel Lim, senior vice president and chief operating officer of Top Line.
Top Line expects the newly acquired stations to add 36.5 million liters in annual fuel sales volume. In 2024, the company sold 72.45 million liters.
“With the continued consumption and economic growth in the Visayas, this strategic acquisition strengthens our retail fuel revenue stream while complementing our robust commercial fuel trade revenues,” Lim said.
Topline was listed on the main board of the PSE in April where it raised P733 million in proceeds.
