Sino-Global Shipping America, Ltd. (NasdaqCM: SINO) (“Sino-Global” or the “Company”), an international shipping agency and logistic services provider, today provided an update on its ongoing strategic discussions with Qingdao Zhenghe Shipping (Group) Co. Ltd. (“Zhenghe”) and announced that Sino-Global has signed a non-binding acquisition proposal to acquire Zhenghe’s ship management company, Longhe Ship Management (Hong Kong) Co., Ltd. (“Longhe Ship Management”).
Incorporated in Hong Kong, Longhe Ship Management provides ship and crew management services for a number of dry bulk ships that are built and owned by Zhenghe. The exact terms and conditions of the planned acquisition have not been determined and are subject to further negotiation between the two parties as well as review and approval of Sino-Global’s Board of Directors.
