Top Line Business Development Corp. (PSE: TOP) is set to operate 50 Light Fuels service stations by the end of 2025, surpassing its initial IPO target of 30 stations by 2026, through a mix of construction and a major acquisition, the company announced during its first Annual Stockholders’ Meeting as a listed firm.

The retail fuel subsidiary currently operates four stations, with eight under development. Its recent acquisition of 38 stations from Total Oil & Gas Resources, Inc. (TOGRI) and Ballston Metro Corporation (BMC) significantly boosts its presence in key Visayas markets, including Cebu, Leyte, Siquijor, and Negros Oriental. The PHP 180-million acquisition also includes a two-million-liter depot in San Jose, Negros Oriental, and 15 tanker trucks to support logistics.

“We seize opportunities for expansion with prudence and purpose. This acquisition is a strategic move that demonstrates our disciplined and effective use of capital,” said Eugene Erik Lim, Chairman, President, and CEO of Top Line. “Each station we acquire has been carefully evaluated for its operational potential and its ability to strengthen our network.”

Top Line raised PHP 732.6 million in gross proceeds (PHP 624.6 million net) from its IPO on April 8. Of this, PHP 400 million has been redirected to accelerate Light Fuels’ network expansion, including construction and renovation of the newly acquired assets, up from an initial PHP 300 million earmarked for new station construction.

As of June 30, the company had disbursed PHP 422.1 million or 67.6% of its IPO net proceeds, less than three months after its listing. “We are deploying capital with discipline and agility, enabling us to seize opportunities that accelerate our roadmap while maintaining prudent financial management,” Lim said.

Liquid fuel sales reached 44.43 million liters in the first half of 2025, up 38.3% from the same period last year.

To strengthen customer retention, Light Fuels has launched the Light Rewards App, which features points accumulation, exclusive promos, and personalized offers. “What truly sets us apart is our ‘At Your Service’ approach,” Lim added.

Top Line operates in the Visayas through its subsidiaries: Topline Logistics and Development Corp. for fuel trading and importation, and Light Fuels Corporation for retail fuel distribution.

What’s your take on Top Line’s growth strategy? Share your insights on its retail expansion and IPO capital deployment. 

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