The firms Hyundai Corporation and Sha Yu have shown interest in acquiring a stake in the railroad business.
Guillermo Porras of The Attorney General's Office, said that in the course of this month a delegation from the Hyundai company will arrive for a fact finding mission and to learn about the state of the petition for arbitration that the Railroad Development Corporation (RDC), railways beneficiary, has brought against the Government of Guatemala.
Representatives from the Korean companies Hyundai and Yoochang have announced an agreement with the current owner of the Railroad Development Corporation, and a total investment of $2,400 million.
The Korean companies Hyundai and Yoochang Corporation plan to invest in restoring the functioning of the railway linking the Pacific and Atlantic coasts , to create a land alternative to the Panama Canal.
Representatives from YooChang Construction announced an agreement to purchase 82% of the shares of the Railroad Development Corporation (RDC), owner of Ferrovías.
The announcement was made by the president of YooChang Construction on a visit to Guatemala, who next week will be holding a meeting with directors of the RDC for the purpose of defining the first payment agreement.
It has been announced that as of December 15th the Tecún Uman San Marcos line will connect with the mexican Compañía de Ferrocarriles Chiapas-Mayab in order to transport cargo from Guatemala.
The Mexican train known as "The Beast", will enter onto Guatemalan soil through Tecún Uman, where it will receive cargo to be transported from Central America to Mexico and the United States. Results of a study undertaken as part of the project indicate that the costs of railway land freight transport could be reduced by between 30% and 40%.
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