InsiderPH heard from a source familiar with the deal that the growing Cebu-based firm has locked in the acquisition of 38 service stations through its Light Fuels Corp. subsidiary. We hear that an agreement in principle was reached just a few days ago, effectively handing Top Line a bigger slice of the fuel market in the Visayas.
The Lim family appears to be capitalizing on the momentum that the year’s first IPO is bringing. The stations, previously owned by a local operator, have an estimated combined annual capacity of 28 million liters. If integrated smoothly, this acquisition could significantly boost Top Line’s total sales volume, which already hit 51 million liters in the first nine months of 2024.
The deal reportedly includes two depot facilities, which will strengthen Top Line’s supply chain as it races to establish itself as a dominant player.
The company has been on a rapid growth trajectory, currently building 10 more service stations, with four already operational.
From the expected P732 million in IPO proceeds, Top Line has earmarked P300 million to fund the construction of 20 additional outlets. With this acquisition, the company’s portfolio could grow to 68 stations—a big jump from its single-station operation in 2023.
Naturally, however, aggressive expansion comes with risks, and the local petroleum industry has seen other fast-growing fuel retailers struggle with profitability, inventory management, and operational efficiency.
Investors will be watching closely: Can Top Line sustain its breakneck pace of growth while maintaining margins?
So far, the company’s leadership has remained tight-lipped, when asked for comment. But with its listing date less than two weeks away, the market won’t have to wait long to see whether this ambitious bet will pay off.
Senior Reporter
