Cebu-based fuel retailer Top Line Business Development Corp. is acquiring several gasoline stations owned by Phoenix Petroleum Philippines Inc. in Cebu province.
“We’ve laid down a preliminary framework, and our teams are now working through the finer details,” Brigitte Carmel Lim, Top Line senior vice president and chief operating officer, said.
“While things are still in progress, we can say that this move supports our goal to grow the Light Fuels network across the Visayas and make quality fuel more accessible to more communities. We’ll share more updates once everything’s finalized.”
Top Line announced the acquisition in a disclosure to the Philippine Stock Exchange on Thursday.
The company’s board of directors approved the deal on Wednesday. The purchase, made through Top Line subsidiary Light Fuels Corp. (LFC), includes the gas stations’ fixtures, machinery, equipment and leasehold rights.
The company did not disclose the number of stations it plans to acquire from Phoenix, which is owned by Davao-based businessman Dennis Uy. Phoenix has faced financial difficulties in recent years amid mounting debts.
Phoenix halted its importation operations of diesel and gasoline in March 2023 due to price volatilities in the world oil market. It also divested its investments in PNX Petroleum Singapore Pte. Ltd (PNX SG) as part of a restructuring program.
This marks Top Line’s second major acquisition this month.
Last week, it announced 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.
Top Line was listed on the main board of the PSE in April, raising P733 million pesos in proceeds. It plans to use the bulk of the proceeds from its shares offering to fund its retail network expansion.
