Top Line buys Phoenix’s Cebu fuel station
Top Line Business Development Corp. is set to acquire the gasoline station of Phoenix Petroleum Philippines, Inc. in Cebu as part of its expansion in the Visayas region.
In a disclosure on Thursday, the Cebu-based group said its board of directors gave the go-ahead to purchase the fuel retail outlet of Phoenix Petroleum.
The board has authorized its retail arm Light Fuels Corp. and Top Line president and chief executive officer Eugene Eric Lapasaran Lim to sign the asset purchase agreement with Phoenix.
The deal, it noted, would include the station’s fixtures, machinery and equipment, and leasehold rights.
Top Line could not provide more details on this transaction, including the purchase price, when asked.
But its chief operating officer Brigitte Carmel Lim said the firm is still finalizing some details.
“While things are still in progress, we can say that this move supports our goal to grow the Light Fuels network across the Visayas and make quality fuel more accessible to more communities,” Lim said in a message to reporters.
In an earlier disclosure, the company said it had earmarked P925 million to beef up its footprint in the region. This would include the acquisition of 38 fuel retail stations and a depot.
Some of the new retail stations are located in Leyte, Siquijor, and Negros Oriental.
These new locations would add at least 36.5 million liters to Top Line’s annual liquid fuel sales volume.
The depot with a capacity of two million liters, meanwhile, is located in San Jose, Negros Oriental. It will serve as the group’s distribution hub for Negros Oriental and Siquijor.
