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Shandong Gold plans 1.5B yuan debt-for-equity swap

Shandong Gold Mining Co. Ltd. on Dec. 18 said it plans to launch a debt-for-equity swap program for replacement of debt worth 1.5 billion Chinese yuan to reduce its corporate leverage.

The loan asset management subsidiaries of China Construction Bank Corp. and Bank of China Ltd. will each own 16.6% in the Chinese gold producer's unit Shandong Gold Mining (Xinhui) Co., Ltd. after a rights issue involving a total investment of 10 billion yuan, Shandong Gold said in a statement.

A 5 billion yuan swap deal will give a 4.69% stake in Shandong Gold Mining (Laizhou) Co., Ltd. to Bank of China's loan asset management unit, according to another same-day statement.

As of Dec. 17, US$1 was equivalent to 7.00 Chinese yuan.