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Manila Bulletin devider Business devider The Stock Market devider Fuel distributor Top Line acquires Phoenix gas station in Cebu

Fuel distributor Top Line acquires Phoenix gas station in Cebu

Published Jul 17, 2025 08:47 am
Visayas fuel distributor Top Line Business Development Corporation, through subsidiary Light Fuels Corporation, is acquiring the gasoline station of Phoenix Petroleum Philippines, Inc. in Cebu.
In a disclosure to the Philippine Stock Exchange, Top Line said its board of directors has unanimously approved the acquisition, which includes the Phoenix station’s fixtures, machinery, and equipment, and leasehold rights.
The Top Line board has authorized LFC and TOP President and CEO Eugene Erik C. Lapasaran Lim to sign the Asset Purchase Agreement with Phoenix. However, the company did not disclose the purchase price.
With proceeds from its initial public offering expanding its war chest, Top Line is aggressively expanding in the Visayas and has announced a ₱925 million acquisition of a depot, fuel tankers, and retail stations to grow its network by almost fourfold, from 10 to 48.
The firm stated that 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 Corporation (BMC).
The company is investing approximately ₱925 million in the acquisition and renovation of the stations, thereby accelerating the rollout 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 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.
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 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-generate funds. Top Line has allocated ₱400 million of its ₱733 million initial public offering (IPO) proceeds for the expansion of its service station network.

Related Tags

Top Line Business Development Corporation Erik Lapasaran Lim Phoenix Petroleum Philippines Inc. Light Fuels Corporation
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