Queensland confirms $5 billion toll road auction The Clem7 tunnel in Brisbane. The Queensland Investment Corporation (QIC) has confirmed it will to auction off road toll division Queensland Motorways. Treasurer Tim Nicholls had said on Thursday there were no plans to sell the government-owned corporation. Although the company will stay in public hands, QIC chief executive Damian Frawley announced on Friday it would auction its road toll division, believed to be worth more than $5 billion. He said the decision had been made after extensive consultation with potential domestic and international investors. "QIC will begin to call for indicative bids for 100 per cent of the equity in Queensland Motorways by the end of the year," he said. Indicative bids are expected to be due by the end of January. Shortlisted bidders will then be asked to submit binding bids with a view to contractual close in April 2014. Queensland Motorways manages bridges, infrastructure, and motorways including the Gateway, Gateway Extension and Logan motorways, Legacy Way, the Go Between Bridge and the CLEM7 tunnel. Mr Frawley said any potential change in ownership would have no effect on existing tolls for the Gateway and Logan Motorways beyond the normal annual CPI increases. QIC also manages money on behalf of numerous public and private sector pension funds. Treasurer Tim Nicholls announced on Friday a shake up of the boards of a number of government-owned corporations earmarked for sale. Don Luke was appointed QIC's new chair along with two new directors. The Townsville Port also got a new director, Allan Pidgeon. "The changes made to the boards of Queensland's GOCs will ensure the businesses are run effectively and efficiently with diligent regard to taxpayer funds," he said.