Top Line Business Development Corporation is acquiring the gasoline stations of publicly listed Phoenix Petroleum Philippines Inc. in Cebu.
This acquisition follows the company’s announcement last week that it will spend about P925 million to acquire and refurbish 38 fuel stations owned by Total Oil & Gas Resources Inc. (TOGRI) and Ballston Metro Corp. (BMC), located across Cebu, Leyte, Siquijor, and Negros Oriental.
The deal also includes a two-million-liter depot facility and 15 fuel tanker trucks. Top Line said the acquisition will accelerate the rollout of its Light Fuels brand in the Visayas.
The purchase aligns with the company’s earlier decision to realign P400 million from its P732.6 million initial public offering (IPO) proceeds toward expanding its service station network, as disclosed in June.
More details Top Line to acquire Phoenix Petroleum gas stations in Cebu - Malaya Business Insight
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