TOP Line Business Development Corp. on Wednesday said that its board had approved the establishment of a Singapore subsidiary that would operate as a trading house to facilitate fuel importation.
The company said the Singapore-based entity would serve as its international trading arm, enabling it to directly engage with global fuel suppliers and optimize procurement arrangements as it scales importation activities.
“This initiative is a strategic step toward our long-term vertical integration strategy by optimizing our end-to-end supply chain. By establishing a trading presence in Singapore, we enhance our fuel supply reliability and efficiently structure our costs,” Top Line First Vice President Constance Marie Lim said.
“Over time, this is expected to contribute to better margins and more efficient fuel sourcing across our network,” she added.
The creation of a trading house in Singapore follows the recent grant of a certificate of registration by the Bureau of Customs to its subsidiary, Topline Logistics and Development Corp., authorizing it to undertake fuel importation activities.
With Singapore serving as Asia’s largest oil trading hub, Top Line said that establishing a presence in the city-state would bring them closer to key market participants, trading platforms and pricing benchmarks.
Top Line shares on Wednesday added P0.02 to close at P1.55 per share.