San Miguel forms joint venture to bid for tollway

Diversifying conglomerate San Miguel Corp. has tied up with Star Tollway Corp. to bid for the contract to operate the Subic-Clark-Tarlac Expressway or SCTEx.

Documents filed with the Securities and Exchange Commission showed that both companies have incorporated a new firm that aims to “participate in the management, operation and maintenance” of the tollway.

The new company, Northlink Toll Management, Inc., has an authorized capital of P1 million divided into one million shares at a par value of P1.00 each. By law, 25% of the authorized capital was subscribed to.

San Miguel subscribed to 149,997 shares or 60% of the new company, while Star Tollway Corp. subscribed to 99,998 shares or 40% of Northlink.

“Northlink’s purpose is to engage in and carry on the management, operation and or maintenance of the SCTEx project including periodic maintenance works, emergency works, among others,” SEC documents showed.

A San Miguel spokesman confirmed that Northlink would be San Miguel’s vehicle when it bids for the contract to manage the tollway, but was mum when asked why San Miguel and Star Tollway bought separate bid documents.

The 94-kilometer (km), four-lane divided highway is expected to spur development in Central Luzon.

The country’s longest expressway aims to transform the area into a “super-region” that would attract investors through the integration of economic activities at the Subic and Clark free ports and the Central Techno Park in Tarlac.

Star Tollway is the operator of the Southern Tagalog Arterial Road (also known as the STAR Tollway or CALABARZON Expressway), a four-lane, 42-km expressway that runs from Sto. Tomas town to Batangas City.

Last month, state-led Bases Conversion and Development Authority (BCDA) extended the deadline for submission of bid documents to manage the SCTEx to yesterday.

The BCDA will award the contract to the winning bidder on Jan. 22. Aside from the two companies, other interested bidders are Amicus Holdings, Inc., the Citra Group which built the Metro Manila Skyway, IL&FS Transportation Networks Ltd., and Pangilinan-led Metro Pacific Tollways Development Corp.

The interim management contract is being held by Manila North Tollways Corp., which is led by Metro Pacific Tollways.

Should San Miguel win the bid, it would be the conglomerate’s second infrastructure project after partnering with Consunji-led Private Infra Development Corp. for the 88.5-km Tarlac-La Union Expressway project.

Following an announcement to invest outside its food and beverage business in 2007, San Miguel has acquired stakes in power, oil and telecommunication firms. -- Kristine Jane R. Liu

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