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Manila Bulletin devider Business devider The Stock Market devider Cebu's Top Line acquires Total Oil & Gas assets in bold Visayas push

Cebu's Top Line acquires Total Oil & Gas assets in bold Visayas push

Published Jul 8, 2025 11:37 am  |  Updated Jul 8, 2025 01:54 pm
Cebu-based fuel distributor Top Line Business Development Corp. has revved up its expansion into the Visayas with the ₱925-million acquisition of a depot, fuel tankers, and retail stations to grow its network by almost fourfold to 48 from only 10.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said it has acquired 38 retail fuel stations, a two-million-liter depot facility, and 15 fuel tanker trucks from Total Oil & Gas Resources Inc. (TOGRI) and Ballston Metro Corp. (BMC).
The company is investing approximately ₱925 million for the acquisition and renovation of the stations, accelerating the rollout of its retail arm Light Fuels in 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,” Top Line Chairman, President and Chief Executive Officer (CEO) Eugene Erik Lim.
Top Line is paying ₱180 million for the assets of TOGRI and BMC, with ₱120 million for TOGRI, which has 25 fuel stations, and ₱60 million for BMC, which is selling 13 fuel outlets.
The balance of ₱745 million will be for renovation of the acquired assets, installation of automated equipment, and other innovative services in order to upgrade and align the stations to Top Line’s Light Fuels brand.
While the acquisition includes retail fuel stations in Cebu, it also marks a milestone for the company as it expands beyond Cebu province for the first time, with new locations in Leyte, Siquijor, and Negros Oriental.
“This strategic move further strengthens Top Line’s market penetration across key areas in the Visayas,” said Lim.
The new two-million-liter depot is located in San Jose, Negros Oriental, serving as a distribution hub for retail stations in Negros Oriental and Siquijor, while the additional 15 tanker trucks enhance the company’s logistics capacity, supplementing its existing fleet of 22 trucks.
“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 Top Line Senior Vice President and Chief Operating Officer (COO) Brigitte Carmel Lim.
The company expects the additional stations to contribute at least 36.5 million liters in annual liquid fuel sales volume. Last year, the company sold 72.45 million liters of liquid fuels.
“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,” Top Line CEO Lim added.
The acquisition will be financed through a combination of bank financing and internally generated funds. Top Line has allocated ₱400 million of its ₱733-million initial public offering (IPO) proceeds for the expansion of its service station network.
Last June 28, Top Line said its board of directors has decided on the reallocation of the proceeds from its IPO, 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 was reallocated from the ₱180 million for the acquisition of a fuel tanker, which it will no longer pursue. The company also increased its working capital allocation to ₱214.6 million from ₱134.6 million.
Top Line said it had 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.

Related Tags

Top Line Business Development Corporation Erik Lapasaran Lim Brigitte Carmel Lim
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