CLARK FREEPORT -- Two giant companies - San Miguel Corporation and Star Tollway Corporation - recently formed a new company that will handle the operation of the Subic-Clark Tarlac Expressway (SCTEx).
The new firm, Northlink Toll Management Incorporated, has a total capital stock of P1 million divided into one million shares with a par value of P1 each, documents filed with the Securities and Exchange Commission showed.
Some 25 percent of the authorized capital stock has been subscribed, and 25 percent of the total has been paid.
San Miguel subscribed to 149,997 shares while Star Tollways subscribed to 99,998 shares.
San Miguel and Star Tollways were two of the six companies that expressed interest to bid for SCTEx.
The others were Metro Pacific Tollways Corporation, the Citra Group, Amicus Holdings Incorporated and IL&FS Transportation Networks Limited.
The winning bidder will enter into a lease or concession agreement with the Bases Conversion Development Authority (BCDA) for the operation, management and maintenance of the 94-kilometer SCTEx for a period of 33.5 years from 2010 to 2043.
The new operator will also provide management services, toll collection, traffic safety and security management, toll road maintenance including greenery and landscaping, and other related services.
The four-lane SCTEx transverses Bataan, Pampanga and Tarlac and provides a direct link between Subic Bay Freeport Zone, Clark Freeport Zone and Tarlac City.