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Successful Implementation of Debt-to-equity Swap Project between SD-GOLD and ICBC

Release time:

Jan. 22, 2017 saw the full funding of the first RMB 2 billion for the debt-to-equity swap project between SD-GOLD and ICBC, marking successful implementation of debt-to-equity swap project. The project herein is the first national debt-to-equity swap business successfully carried out by ICBC and also the first one carried by a Shandong province-ran enterprise - SD-GOLD.

Dec. 09, 2016 saw that cooperation framework agreement on investment of RMB 10 billion for the debt-to-equity swap project was signed between SD-GOLD and ICBC. In order to promote the project practical, SD-GOLD and ICBC carried out  multiple discussions and fully solicited opinions from lawyers, accountants and tax accountants on fund registration, accounting treatment, and tax-related matters, etc., through which the transaction framework and concrete implementation plan were drew up. In addition, SD-GOLD made developed a complete set of schedule for better implementation of the project so as to accelerate promotion of fund in place, according to which the group inverts the work plan, arrange specially-assigned person to be responsible for scheduling, docking and business handing. Specially, the project team, with spirit of “Time and tide wait for no man”, spared no effort to promote the implementation of this project through adopting key breakthrough strategy, working overtime and carrying forward gradually. Nothing is impossible to a willing heart. The first RMB 2 billion was fully funded within two months.

The successful implementation of the debt-to-equity swap project will effectively optimize the capital structure of SD-GOLD, reduce the asset-liability ratio in whole, further improve the financing capacity and guarantee the development fund demand during the 13th Five-Year Plan. Meanwhile, as the first province-ran enterprise successfully implemented the debt-to-equity swap project in Shandong Province, SD-GOLD greatly has improved its popularity and reputation.