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Sino-Global to acquire majority stake in Mandarine Ocean

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Christian Fernsby ▼ | April 9, 2020
Sino-Global Shipping America announced the signing of a Share Purchase Agreement with Kelin Wu, the 88.5% shareholder of Mandarine Ocean, a Shanghai, China-based shipping company registered in the Marshall Islands.
Sino-Global Shipping America
Sino-Global   Sino-Global Shipping America
Under the Agreement, Sino-Global will acquire a 75% majority position in Mandarine Ocean for up to $3.75 million, with a combination of cash and stock dependent on MO's financial performance, particularly its pre-tax net profit (annual pre-tax net profit over the next two-years).

Topics: Sino-Global acquire Mandarine Ocean

Over the past three years, MO has an average annual revenue of approximately US$38 million.

With the integration of MO's business, there will be a significant increase in SINO's revenue beginning in the current fiscal 2020 fourth quarter and into fiscal 2021.

The details of the transaction in detail will be available in the Company's filing with the Security and Exchange Commission on Form 8-K.

Mandarine Ocean was founded in 2013 and is a shipping company providing worldwide ocean freight service.

Mandarine Ocean currently has long-term contracts to operate 14 bulk carriers (with six of those vessels being owned by Wu), with the majority being Handysize and Handymax size with DWT range from 20,000mt to 50,000mt.