Sino-Global Shipping America has entered into a share purchase agreement with Mr Kelin Wu, the 88.5 per cent shareholder of Mandarine Ocean, a Shanghai-based shipping company registered in the Marshall Islands.
Under the agreement, Sino-Global will acquire a 75 per cent majority position in Mandarine Ocean for up to US$3.75 million, with a combination of cash and stock dependent on the latter’s financial performance, particularly its pre-tax net profit (annual pre-tax net profit over the next two-years).
Mandarine Ocean was founded in 2013 and is a shipping company providing worldwide ocean freight service. It currently has long-term contracts to operate 14 bulk carriers, with six of those vessels being owned by Mr Wu.
The majority of Mandarine’s vessels are Handysize and Handymax size with DWT ranging from 20,000 to 50,000 tonnes.
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