TopLine to acquire Total Oil gas stations, assets for P180M
LFC will acquire 38 Gas & Go stations of TOGRI located in various areas across Cebu, Leyte, Negros Oriental, and Siquijor, including fixtures, machinery, and equipment, TopLine said in a regulatory filing. It will also purchase a depot facility in San Jose, Negros Oriental, including equipment and machinery.
The purchase agreement also includes 15 tank trucks and intangible assets such as a customer loyalty program with over 45,000 active users and leasehold rights over the leased premises.
According to TopLine, the acquisition will have a positive impact on its business operations and financial outlook for the year through the expansion of its retail network, improvement of logistics and supply chain, and the enhancement of customer engagement.
'The acquisition will enable TOP to accelerate its market entry and rapidly scale its operations across key regions,' TopLine said.
'This is aligned with the company's long-term growth objectives of expanding its presence in the retail fuel sector and increasing brand visibility,' it added.
While TopLine did not give a timeline for the purchase, it said an initial payment of P10 million will be made, while the balance of P170 million will be paid by LFC through manager's check or fund transfer.
Top Line raised P732.62 million from its initial public offering (IPO) in April, which it said would be used for its vertical integration strategy, including the expansion of Light Fuels, and for working capital.
TopLine, through its affiliates, is also involved in port operations and management (Pier Eighty-Eight Ventures Inc.), real estate development (Topline Properties and Development Corp.), clean and green technology (Topline Energy and Power Development Corp.), port and ferry terminal operations (Topline Marine Wharf Development Corp.), technology research and development (Topline Hi Tech and Synergy Corp.), and restaurant operations and manpower services (Topline Services and Development Corp.).
Shares in TopLine were last trading at P0.69 apiece, up P0.12 or 21.05% from Monday's finish of P0.57 per share. —VBL, GMA Integrated News
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