TOP Line Business Development Corp. on Tuesday announced the creation of a wholly owned Singapore subsidiary, Topline Energlobal Private Limited.
In a disclosure, the company said that it had received a notice of incorporation from Singapore's Accounting and Corporate Regulatory Authority.
Top Line said this followed the recent grant of a certificate of registration by the Bureau of Customs to another subsidiary, Topline Logistics and Development Corp., authorizing the latter to start fuel importation activities.
The new subsidiary will serve as its international trading arm, engaging with global fuel suppliers and optimizing procurement arrangements as it scales importation activities.
With Singapore being Asia’s largest oil trading hub, Top Line said the establishment of the company would bring it closer to key market participants, relevant trading platforms and oil pricing benchmarks.
Top Line’s share price was unchanged at P1.38 each on Tuesday.
