BEIJING Dec 9 Industrial and Commercial Bank of
China (ICBC) , the country's biggest lender
by assets, said on Friday it has signed a 10 billion yuan ($1.45
billion) debt-for-equity swap with Shandong Gold Group to reduce
the company's debt burden.
This deal marked ICBC's first debt-for-equity swap since
Beijing launched the scheme in October in a bid to reduce its
$18 trillion in corporate debt, equivalent to 169 percent of
Shandong Gold Group, China's second biggest in terms of gold
production and gold reserves, will see its corporate leverage
lowered by 10 percentage points after the debt swap, ICBC said
in a statement.
($1 = 6.8990 Chinese yuan renminbi)
(Reporting By Shu Zhang and Nicholas Heath; Editing by