SINGAPORE (Oct 18): Shares of New Silkroutes Group are up 11.9% higher at 98.5 cents.

The surge comes after New Silkroutes announced before the market opened this morning that it has signed a memorandum of understanding with China Shipbuilding Industry Equipment and Materials Co (CSEMC),  a unit of China Shipbuilding Industry Corporation to sell high quality oil and petroleum products to the country.

CSEMC currently supplies raw materials like steel, non-ferrous metals and coal to CSIC.

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