In a stock exchange filing on Tuesday, the company said its board greenlit the purchase of gasoline station assets from Total Oil & Gas Resources Inc. and Ballston Metro Corp. through its 99.75 percent-owned subsidiary, Light Fuels Corp.
The acquisition plan was first reported by InsiderPH last March before the Cebu-based energy firm, led by businessman Eugene Erik Lim, made its Philippine Stock Exchange debut.
The deal covers station fixtures, machinery and equipment, leasehold rights, a depot facility, a tank truck fleet, and a customer loyalty program.
News of Total Group’s exit was first reported by the Manila Bulletin newspaper.
The pullout also covers previously announced plans for renewable energy investments, it reported.
-Edited by Miguel R. Camus
