The asset, which includes leasehold rights, equipment, and fixtures, was bought through Top Line’s 99.75-percent-owned subsidiary, Light Fuels Corp., based on a disclosure to the Philippine Stock Exchange.
Aggressive takeovers
This marks the latest in a string of fuel asset takeovers, following Top Line’s P925 million deal to acquire and upgrade 38 stations, a two-million-liter depot, and 15 tanker trucks from Total Oil & Gas Resources and Ballston Metro Corp.
The company is rapidly expanding its Light Fuels brand, aiming to solidify its presence in Cebu while pushing into Leyte, Siquijor, and Negros Oriental.
The new depot in Negros Oriental will serve as a regional supply hub, while the expanded logistics fleet boosts fuel delivery capacity.
Surging share price
Top Line’s stock has been on a tear, with shares surging 280 percent since its listing on April 8.
Its shares last traded at P1.18, up sharply from its IPO price of P0.31, after raising P733 million to fund its aggressive expansion. Top Line is currently valued at about P12.7 billion.
—Edited by Miguel R. Camus
