18-07-2025
Top Line eyes 50 gas stations by end of 2025
Top Line Business Development Corp. on Friday announced its plan to expand its business with 50 service stations operated by its unit Light Fuels Corp. by the end of 2025.
Top Line is celebrating its 12th anniversary and held its first annual stockholders' meeting as a publicly listed company in Cebu City on July 18.
In a news release, the company said its 50-station goal is an upgrade to its target stated in its initial public offering (IPO) prospectus of constructing 30 stations by 2026.
Light Fuels currently has four operating stations, with eight more under various stages of development across Metro Cebu and Cebu province.
Its recent acquisition of 38 stations from Total Oil & Gas Resources Inc. (TOGRI) and Ballston Metro Corp. (BMC) expands its operational network to 50 stations by year-end, broadening its presence in Cebu, Leyte, Siquijor, and Negros Oriental.
The company said it has spent P180 million for this acquisition sourced through bank financing and internally-generated funds.
The acquisition also includes a two-million-liter depot located in San Jose, Negros Oriental and an additional 15 tanker trucks that enhance the Company's logistics capacity.
'We seize opportunities for expansion with prudence and purpose. This acquisition is a strategic move that demonstrates our disciplined and effective use of capital," said Top Line chairman, president and CEO Eugene Erik Lim.
"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," he added.
Top Line is banking on its strong sales momentum, with liquid fuel sales reaching 44.43 million liters in the first half of 2025, up 38.3% from 32.12 million liters in the same period last year.
Following its initial public offering on April 8, the company raised P732.6 million with net proceeds of P624.6 million.
It initially allocated P300 million for the construction of 20 new stations and P180 million for a fuel tanker.
With its recent acquisition aimed at achieving faster retail market entry, the company said it reallocated P400 million towards Light Fuels' retail network expansion, which includes the construction and renovation of the newly acquired assets.
Working capital was also increased to P214.6 million from the initial P134.6 million to purchase fuel stock, ensuring sufficient supply for the expanding retail network, it said.
Meanwhile, the P10 million allocated for general corporate purposes remains unchanged, it added.
The company, moreover, said it has allocated P400 million from its IPO proceeds to form part of its broader P925 million retail network expansion plan covering the acquisition, construction, and renovation of stations.
The remaining P525 million will be funded through a mix of bank financing and internally generated funds, including the P180 million recently disbursed for the asset purchase agreement with TOGRI and BMC, it said.
As of June 30, 2025, the company said it has disbursed P422,060,086, or 67.6% of its IPO net proceeds, in less than three months since its listing.
'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,' said Lim. —LDF, GMA Integrated News
