By Vince Hermosura
Top Line Business Development Corp. (PSE: TOP), a Philippine commercial fuel trader that made its public debut on April 8, 2025 at an initial offer price of ₱0.31, announced today (Tuesday, July 8, 2025) a transformative acquisition that sent its stock soaring to its ceiling price of ₱0.85—a remarkable +49.1% jump from yesterday’s close of ₱0.57.
In a disclosure to the Philippine Stock Exchange, TOP revealed that its retail arm, Light Fuels Corporation (LFC), is entering into an Asset Purchase Agreement with Total Oil & Gas Resources Inc. (TOGRI) and Ballston Metro Corporation (BMC) to acquire a substantial portfolio of fuel retail assets for ₱180 million.
This acquisition is part of a larger ₱925 million network expansion plan, which also includes renovations, installation of automated systems, and the rollout of innovative services. Of the total expansion cost, ₱400 million will come from the company’s IPO proceeds.
“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 Eugene Erik Lim, Chairman, President, and CEO.
The acquired assets include:
- 38 gasoline stations across Cebu, Leyte, Siquijor, and Negros Oriental—marking the company’s first expansion beyond Cebu Province;
- A two-million-liter fuel depot in San Jose, Negros Oriental, enhancing logistics in the region;
- 15 fuel tanker trucks, boosting the company’s delivery capacity; and
- Intangible assets such as a customer loyalty program with 45,000 active users and key leasehold rights.
“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,” said Brigitte Carmel Lim, Senior Vice President and Chief Operating Officer. “Our systems are in place for prudent inventory management and efficient fuel deliveries to our new stations as we grow our footprint.”
The acquisition is expected to add approximately 36.5 million liters in annual liquid fuel sales volume, augmenting the company’s 2024 sales of 72.45 million liters.
“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,” Mr. Lim added.
The strong market response to the announcement underscores investor confidence in the company’s aggressive but calculated expansion strategy. From its IPO price of ₱0.31 just three months ago, TOP’s stock has now nearly tripled, closing at ₱0.85.
Cebu-based TOP is active in commercial fuel trading, depot operations, and fuel retailing in the Visayas. It operates through two subsidiaries: Topline Logistics and Development Corp., focused on petroleum importation and distribution; and Light Fuels Corporation, its retail fuel brand that is now poised for wider regional impact.
