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Manila Bulletin devider Business devider The Stock Market devider Top Line ramps up service station expansion, drops tanker acquisition

Top Line ramps up service station expansion, drops tanker acquisition

Published Jun 24, 2025 01:14 pm
Newly listed fuel dealer Top Line Business Development Corporation is opting to expand its network by opening more service stations than initially planned, rather than investing in a fuel tanker.
In a disclosure to the Philippine Stock Exchange, the firm reported that its board of directors has decided to reallocate the proceeds from its ₱733 million initial public offering.
Top Line said it is now allotting ₱400 million for the expansion of its service station network instead of the original ₱300 million earmarked for the construction of new service stations.
The additional budget will be reallocated from the ₱180 million for the acquisition of a fuel tanker, which it will no longer pursue. The company is also increasing its working capital allocation to ₱214.6 million from ₱134.6 million.
Top Line said it has determined that the reallocation is to “optimize capital deployment by redirecting funds towards more flexible strategies for expansion, still inclusive of the construction of service stations.”
“This shift supports faster market entry and operational scalability while maintaining alignment with the Company’s long-term growth objectives,” it added.
Meanwhile, the firm said it has secured access to additional depot space with its existing lessor within a depot terminal in Mandaue City.
“This additional storage capacity enhances operational efficiency and inventory management, thereby reducing the immediate need to invest in fuel tanker.
“Consequently, the Company has deemed it prudent to reallocate the corresponding funds to other strategic initiatives,” it explained. The IPO proceeds are expected to be fully utilized by end of 2026.
The Cebu-based fuel dealer listed its shares at the PSE last April following its oversubscribed IPO. The firm offered 2.15 billion primary common shares with an overallotment option of up to 214.84 million secondary shares at a price of ₱0.31 per share.
“Receiving strong market interest from both local and foreign institutional investors as well as retail investors, the Company’s IPO is oversubscribed,” Top Line said in a statement.
Top Line’s Chairman, President and CEO Erik Lapasaran Lim said.
Prior to the IPO fund reallocation, Top Line planned to expand its current 10 Light Fuels service stations to 30 through the construction of additional 20 service stations, strengthening Top Line’s market presence in Cebu Province.

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