“The company has yet to conduct its due diligence and there is no definitive agreement executed at this point,” the Cebu-based Top Line, which is preparing to launch its P733-million IPO next week, said in a stock exchange filing.
“As such, the terms of the potential deal are not finalized, and the due diligence is expected to take several months to complete,” it added.
The clarification was made after InsiderPH reported that Top Line was closing in on the purchase of 38 service stations and depot facilities owned by a local operator.
Top Line also said it was “unable to assess the impact this potential acquisition may have on our profitability or operational efficiency.”
“However, we assure you that once the transaction becomes definitive, the company will adhere to all applicable disclosure requirements set forth by the PSE,” it added.
