MANILA, Philippines - San Miguel Corp. and Star Tollway Corp. have formed a new company that will bid for the operation of the Subic-Clark Tarlac (SCTEx) expressway.

The newly incorporated firm, Northlink Toll Management Inc., has an authorized 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.

At least 25% of the authorized capital stock has been subscribed, and 25% of the total has been paid. San Miguel subscribed to 149,997 shares while Star Tollway Corp. subscribed to 99,998 shares.

San Miguel and Star Tollways were 2 of the 6 companies that expressed interest to bid for SCTEx. The others were Metro Pacific Tollways Corp., the Citra Group, Amicus Holdings Inc. and IL&FS Transportation Networks Ltd.

The winning bidder will enter into a lease or concession agreement with the Bases Conversion Development Authority for the operation, management and maintenance of the 94-kilometer SCTEx for a period of 33.5 years from 2010 to 2043.

It will also provide management services, toll collection, traffic safety and security management, toll road maintenance including greenery and landscaping, and other related services.

The 4-lane SCTex transverses Bataan, Pampanga and Tarlac and provides a direct link between Subic Bay Freeport Zone, Clark Freeport Zone and Tarlac City.