Top Line eyes Mindanao expansion

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February 10, 2026 | 12:00am

MANILA, Philippines —  Top Line Business Development Corp. could be making its way to Mindanao through a potential acquisition.

A source with knowledge on the matter said Top Line has ongoing talks with major fuel retailers in Mindanao for possible acquisition of stations.

“It’s an existing network of fuel stations. Potentially double what they have, if they buy everything. But I think it will likely be selected, only those with higher volume,” the source said.

“In Mindanao, from our market scan, there are five key retailers. Some are not as popular as the others,” the source added.

Sought for comment on the matter, Top Line president and CEO Eugene Erik Lim told The STAR that acquisition remains one of the strategic options the company continuously evaluates as part of its growth plans.

“At this point, however, there is no definitive decision or transaction to disclose. Should there be any material developments, we will make the appropriate disclosures to the investing public in accordance with Securities and Exchange Commission and Philippine Stock Exchange disclosure guidelines,” Lim said.

In December last year, Top Line’s board was given authority to pursue capital-raising activities, such as private placement, follow-on offering or debt issuances.

The company said it intends to undertake the capital-raising activities this year.

The shareholders of the listed fuel distributor and retailer have likewise approved the reclassification of 800 million unissued common shares into preferred shares.

The issuance of preferred shares is aimed at providing investors with steady returns through fixed dividends, while allowing the company to strengthen its balance sheet and accelerate its vertical integration strategy.

Top Line, a Cebu-based company active in commercial fuel trading, depot operations and retail fuel in the Visayas region, debuted on the Philippine Stock Exchange in April last year, raising P732.6 million from an oversubscribed initial public offering.

It has two subsidiaries – Topline Logistics and Development Corp., which is engaged in the importation, trading, distribution and marketing of petroleum-based products, and Light Fuels Corp., which is engaged in the retail fuel sector.

Last year, the company acquired 38 gasoline stations, a depot facility and 15 fuel tanker trucks from Total Oil & Gas Resources Inc. and Ballston Metro Corp. for P180 million.

The acquisition enabled Top Line to expand beyond Cebu, as some of the acquired assets were in Leyte, Siquijor and Negros Oriental.