Guatemala: Korean Company agrees to Purchase Ferrovías

Representatives from YooChang Construction announced an agreement to purchase 82% of the shares of the Railroad Development Corporation (RDC), owner of Ferrovías.

Wednesday, January 11, 2012

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.

Without disclosing the total amount of the transaction, Dae-Soo Chung stated that the due date negotiated for completing the payment is 23 May.

For his part, "the lawyer for Ferrovias, Juan Pablo Carrasco, confirmed the negotiations, but warned that RDC shareholders expect to get a $65 million compensation from the State of Guatemala, or a similar figure for the sale. Although he refrained going into details, he admitted that the sale transaction would be completed in May", reported

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