Topline Business Development Corp. to acquire Phoenix Petroleum gas station in Cebu

Topline Business Development Corp. (TOP), through its subsidiary Light Fuels Corp. (99.75% owned), will acquire a Phoenix Petroleum gas station in Cebu, including its fixtures, machinery, equipment, and leasehold rights.

This acquisition is part of TOP's ongoing expansion strategy in the Visayas region.

TOP recently announced plans to invest P925 million for accelerated expansion in the Visayas, including acquiring P180 million worth of assets.

These newly acquired assets are in addition to previously announced purchases of gasoline station assets from Total Oil & Gas Resources Inc. and Ballston Metro Corp. across Cebu, Leyte, Siquijor, and Negros Oriental.

The total of 38 retail fuel stations, a two-million-liter depot, 15 fuel tanker trucks, and various intangible business assets were acquired for P120 million and P60 million.

While no price was disclosed for the single Phoenix Petroleum station, TOP previously paid around P4 million per station for 38 stations bought from Total Oil.

This transaction may signal a potential long-term transfer of fuel station assets from the financially distressed Phoenix Petroleum to TOP.

TOP's stock has seen a significant increase since its IPO, and the company may consider further fundraising to capitalize on its growth strategy in the Visayas.