It has now signed a letter of intent with Rong Yao International Shipping to acquire the 13,900-dwt Rong Zhou (built 2010) at a price of CNY 65m ($10.5m).
Sino-Global will issue 1.2m shares at $1.85 each as a $2.22m partial payment.
This is a premium of 23% to its closing price on 20 March.
Bank borrowings will also be used. As a result, its current securities offering will be scrapped.
The
