CEBU-BASED fuel retailer Top Line Business Development Corp. is planning to determine a trading house in Singapore to facilitate fuel importation and optimize its supply chain.
In a press release on Wednesday, the corporate said its board of directors approved the plan to establish an entirely owned subsidiary in Singapore that may operate as a trading house and manage import logistics.
The proposed Singapore-based entity will function Top Line’s international trading arm, enabling the corporate to directly engage with global fuel suppliers and improve its procurement processes.
“By establishing a trading presence in Singapore, we enhance our fuel supply reliability and efficiently structure our costs. Over time, this is predicted to contribute to higher margins and more efficient fuel sourcing across our network,” Top Line First Vice-President and Chief Financial Officer Constance Marie C. Lim said.
The corporate’s logistics subsidiary, Topline Logistics and Development Corp., recently secured a certificate of registration from the Bureau of Customs, allowing it to undertake fuel importation activities.
Singapore serves as Asia’s largest oil trading hub, bridging Middle Eastern producers and Southeast Asian demand markets.
Based on the corporate, establishing a presence in Singapore positions it closer to key market participants, trading platforms, and pricing benchmarks.
Last week, Top Line announced it had opened eight latest fuel stations in northern Cebu following the completion of renovations on its acquired fuel retail network.
The initiative is a component of Top Line’s broader per-cluster renovation and rebranding program, covering stations in Cebu, Leyte, Siquijor, and Negros Oriental.
The corporate has allocated roughly P925 million for the acquisition and renovation of stations in Cebu and for brand new locations, accelerating the rollout of its retail arm, Light Fuels, within the Visayas.
Top Line began in leasing and real estate but entered the fuel industry in 2017. It’s now lively in business trading, depot operations, and retail fuel within the Visayas region. Through Light Fuels, the corporate introduced its first service station in Mandaue City, Cebu, in 2023.
On the local bourse on Wednesday, Top Line shares rose 1.31% to shut at P1.55 apiece. — Sheldeen Joy Talavera