Top Line to operate 50 fuel stations by year-end

CEBU CITY, Philippines — Newly listed Top Line Business Development Corp. is accelerating the rebranding of its recently acquired gasoline stations, aiming to expand operations to 50 locations within the year.

“We are positioning ourselves for even greater impact,” Top Line chairman, president and CEO Eugene Erik Lim said during the company’s first annual stockholders’ meeting as a listed firm.

“Our strategic priorities include expanding storage and import capacity to strengthen supply reliability, expanding our retail footprint… and upgrading digital platforms to improve operational visibility and customer experience,” Lim said.

The company recently acquired 38 gasoline stations, a depot facility and 15 fuel tanker trucks from Total Oil & Gas Resources Inc. and Ballston Metro Corp. for P180 million.

The deal covers fixtures, machinery and equipment, as well as intangible assets such as customer loyalty programs and leasehold rights.

The acquisition will enable Top Line to expand beyond Cebu, as some of the acquired assets are in Leyte, Siquijor and Negros Oriental.

The move is expected to add at least 36.5 million liters to the company’s annual liquid fuel sales volume, building on the 72.45 million liters it sold last year.

“Each station we acquire has been carefully evaluated for its operational potential and its ability to strengthen our network, ensuring it contributes to our bottom line while delivering sustainable value for our shareholders,” Lim said.

Top Line, through subsidiary Light Fuels Corp., is also set to enter into an asset purchase agreement with Davao-based businessman Dennis Uy for the acquisition of a gas station in Cebu for P8.5 million.

Under the Light Fuels brand, Top Line has four operating stations, with eight more under various stages of development across Cebu.

The company debuted on the Philippine Stock Exchange in April, raising P732.6 million from an oversubscribed initial public offering.

Of the total proceeds, around P400 million was earmarked for the expansion of the company’s service station network.

“We are deploying capital with discipline and agility, enabling us to seize opportunities that accelerate our roadmap while maintaining prudent financial management. This is how we translate investor trust into real, measurable progress on the ground,” Lim said.