Top Line Business Development Corp. (TOP) announced significant milestones, marking its 12th anniversary and its first annual stockholders’ meeting as a publicly listed company with ambitious expansion plans that far surpass its initial public offering (IPO) commitments. The company is now targeting 50 service stations operated by its retail fuel subsidiary, Light Fuels Corporation, by the end of 2025, a substantial increase from its IPO prospectus goal of 30 stations by 2026.
This accelerated growth is a testament to TOP’s flexible and disciplined expansion strategy, which effectively blends new construction with strategic acquisitions to rapidly extend its market reach.
“We are positioning ourselves for even greater impact,” said Mr. Eugene Erik Lim, Chairman, President, and CEO of TOP, in his message to stockholders. “Our strategic priorities include expanding storage and import capacity to strengthen supply reliability, expanding our retail footprint to make our systems more efficient with economies of scale, and upgrading digital platforms to improve operational visibility and customer experience.”
TOP’s retail network expansion is designed to deliver meaningful incremental revenues and further improve the Company’s operating margins over the medium to long term. This strategy is already yielding strong results, with liquid fuel sales reaching 44.43 million liters in the first half of 2025, a 38.3% increase from 32.12 million liters in the same period last year.
Strategic Horizontal Expansion Fuels Rapid Growth
Light Fuels currently operates four stations, with an additional eight under various stages of development across Metro Cebu and Cebu Province. The Company’s recent strategic acquisition of 38 stations from Total Oil & Gas Resources, Inc. (TOGRI) and Ballston Metro Corporation (BMC) is a game-changer, immediately expanding its operational network to 50 stations by year-end. This acquisition significantly broadens TOP’s presence in the high-growth regions of Cebu, Leyte, Siquijor, and Negros Oriental.
The acquisition, valued at P180 million, was funded through a mix of bank financing and internally generated funds. It also includes a two-million-liter depot in San Jose, Negros Oriental, and 15 additional tanker trucks, substantially enhancing the Company’s logistics capacity.
“We seize opportunities for expansion with prudence and purpose,” Mr. Lim added. “This acquisition is a strategic move that demonstrates our disciplined and effective use of capital. Each station we acquire has been carefully evaluated for its operational potential and its ability to strengthen our network, ensuring it contributes to our bottom line while delivering sustainable value for our shareholders.”
Optimized Capital Deployment Post-IPO
Following its successful IPO on April 8, which raised P732.6 million with net proceeds of P624.6 million, TOP has optimized its capital deployment to accelerate its expansion roadmap. Initially, P300 million was earmarked for constructing 20 new stations and P180 million for a fuel tanker. Recognizing the faster market entry offered by the recent acquisition, the Company reallocated P400 million towards Light Fuels’ retail network expansion, covering both the construction and renovation of acquired assets. Working capital also increased to P214.6 million from an initial P134.6 million to ensure sufficient fuel stock for the expanding network.
The P400 million from IPO proceeds forms part of a broader P925 million retail network expansion plan, with the remaining P525 million to be funded through bank financing and internally generated funds, including the P180 million disbursed for the TOGRI and BMC asset purchase agreement. As of June 30, 2025, TOP has disbursed P422,060,086, or 67.6% of its IPO net proceeds, in less than three months since 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 stated. “This is how we translate investor trust into real, measurable progress on the ground.”
Enhancing Customer Experience with Light Rewards App
Further strengthening its growth trajectory, TOP has rolled out the mobile-based Light Rewards App for its retail customers. This platform offers points accumulation, exclusive promotions, and personalized offers, designed to enhance repeat customer retention and leverage customer data for targeted marketing.
“What truly sets us apart is our ‘At Your Service’ approach,” Mr. Lim concluded. “As we grow, we remain focused on customer experience, sustainability, and operational excellence. It is this commitment that has helped us earn long-term customer trust and build meaningful relationships in every corner of the market we serve.”
