China Construction Bank Corp., the nations second-largest lender, said it agreed to form an almost 5 billion yuan ($743 million) debt-to-equity pact with Yunnan Tin Group.
The agreement is part of a larger 10-billion yuan framework the two companies signed to cut Yunnan Tins debt ratio, the Beijing-based lender said in a statement on its website on Sunday. It didnt provide any specifics of the agreement.
The accord is the second debt-relief program Construction Bank has announced in the past week with state-owned enterprises. On Tuesday, the lender announced plans to raise 24 billion yuan for a fund to help lower Wuhan Iron & Steel Groups debt levels. The bank also flagged its involvement with Yunnan Tin, saying at the time it was seeking…
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