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Chalco, 8 investors undertake 12.6B yuan debt-for-equity swap

China's Aluminum Corp. of China Ltd., or Chalco, said that eight investors took part in a 12.6 billion yuan debt-for-equity swap at four of its business units, Reuters reported Dec. 4.

The investors were comprised of state-run asset management companies and insurers and included Huarongruitong Equity Investment Management Co. Ltd., China Cinda Asset Management Co. Ltd., China Life and newly set-up debt-for-equity units under Bank of China and ICBC.

The four Chalco units are Chalco Shandong, Chalco Zhongzhou Aluminum Co., Baotou Aluminum Co. and Chalco Mining.

The move reflects the Chinese government's push to reduce rising corporate debt at state-owned companies and make them more efficient.

As of Dec. 4, US$1 was equivalent to 6.62 Chinese yuan.