Top Line shifts expansion strategy

Newly listed fuel dealer Top Line Business Development Corp. is opting to expand its network by opening more service stations than initially planned, rather than investing in a fuel tanker.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), the firm reported that its board of directors has decided to reallocate the proceeds from its P733-million initial public offering (IPO).

Top Line said it is now allotting P400 million for the expansion of its service station network instead of the original P300 million earmarked for the construction of new service stations.

The additional budget will be reallocated from the P180 million for the acquisition of a fuel tanker, which it will no longer pursue. The company is also increasing its working capital allocation to P214.6 million from P134.6 million.