Top Line fuels Visayas expansion

Top Line Business Development Corp. is investing ₱385.12 million for its fuel importation and distribution businesses as it continues to expand its operations in the Visayas.

- 

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its board of directors has approved the additional investment of ₱185.63 million in its subsidiary, Topline Logistics and Development Corp., through the subscription of 1.86 million common shares, maintaining its 75-percent ownership.

"The increase in capital stock ... is intended to support the scale of operations expected from its import activities, in line with the issuance of its certificate of registration from the Bureau of Customs (BOC)," Top Line said.

The firm's board also approved the additional investment of ₱199.5 million in Light Fuels Corp., equivalent to a subscription of 1.99 million common shares, maintaining its 99.75-percent ownership.

The increase in authorized capital stock of Light Fuels is to strengthen its financial position in support of its retail network expansion program.