Cebu-based fuel retailer Top Line Business Development Corp. is acquiring several gasoline stations owned by Phoenix Petroleum Philippines Inc. in Cebu province for an undisclosed amount.
Top Line said in a disclosure to the stock exchange the acquisition, approved by its board of directors on Wednesday, would be made through its subsidiary Light Fuels Corp. (LFC).
The purchase includes the gas station’s fixtures, machinery, equipment, and leasehold rights.
This will be Top Line’s second major acquisition this month. Last week, it announced that it acquired 38 retail fuel stations, a 2-million-liter depot and 15 fuel tanker trucks from Total Oil & Gas Resources Inc. and Ballston Metro Corp.
Topline was listed on the main board of the PSE in April where it raised P733 million in proceeds.
Phoenix Petroleum is owned by Dava-based businessman Dennis Uy.