Sino-Global (SINO) Rips 85% Higher After Entering South Africa MOU with King & Sons
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Sino-Global Shipping America, Ltd. (Nasdaq: SINO), are ripping higher Wednesday, following an announcement Tuesday night that it has signed a memorandum of understanding (MOU) with King & Sons, a subsidiary of Grindrod Limited, a public company listed on the JSE Securities Exchange South Africa (JSE: GNDP).
Shares are up over 85 percent on the session.
According to a release from the company: "Under the terms of the MOU, Sino-Global will appoint King & Sons as an agent to attend Sino-Global vessels in all applicable South Africa ports and King & Sons will recommend Sino-Global to act as its agent in China for the vessels loading in South Africa and discharging in China."
Shares are up over 85 percent on the session.
According to a release from the company: "Under the terms of the MOU, Sino-Global will appoint King & Sons as an agent to attend Sino-Global vessels in all applicable South Africa ports and King & Sons will recommend Sino-Global to act as its agent in China for the vessels loading in South Africa and discharging in China."
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