Agreement to sell shares owned by S Koo

RNS Number : 9428L

UniVision Engineering Ltd

14 January 2016

 

14 January 2016

UniVision Engineering Limited

("UniVision" or the "Company")

Agreement to sell shares owned by Stephen Koo

UniVision (AIM; UVEL), the Hong Kong based group whose principal activities are the supply, design, installation and maintenance of closed circuit television and surveillance systems, and the sale of security related products, announces that Stephen Koo, Chairman of UniVision, today signed Purchase and Sale agreements to sell shares in Univision, of which Stephen Koo is the ultimate beneficial owner, as follows:

1.   Sale to Yi Sheng Technology Ltd ("Yi Sheng") 逸生科技, a company under the control of Derun Group, of 20.5% of Univision for HKD 20,500,000 (approx GBP 1.824m)

2.   Sale to Beijing Hang Tian "Hang Tian" 北京航天正华 an affiliate of a State Owned Enterprise, of 21.0% of Univision for HKD 21,000,000 (approx. GBP 1.869m)

Details of Derun Group can be found at the following website: www.derungroup.com

The payments from Mainland China to Hong Kong are subject to Government approval. A further announcement will be made once the transfer of shares has occurred.

The parties have agreed that Stephen Koo will retain the rights to all dividends for the financial year ended 31 March 2016, and to any in-specie dividend of T-Com, UniVision's Taiwanese subsidiary.

The previously announced Sale and Purchase agreement signed on 14 December 2015 with Nan Ning Hai Li Real Estate Development Limited ("Hai Li") expired on 14 January 2016 without being completed.

Stephen Koo commented as follows:

"I am delighted that Yi Sheng, part of the Derun Group and Hang Tian, a State Owned Enterprise, have agreed to become major shareholders in Univision. Their financial strength will support us in tendering for high-value contracts we are working on. They will also be in a position to support us in our attempts to penetrate the Mainland Chinese market

"We would like to thank Hai Li for their interest in Univision. The greater financial strength of Yi Sheng and Hang Tian will be of benefit to Univision in the future."

For further information visit www.uvel.com or contact:

UniVision Engineering Limited                                     Tel: [phone]

Stephen Koo, Chairman                                                   www.uvel.com  

Chun Pan Wong, Chief Executive Officer

Danny Kwok Fai Yip, Finance Director

Nicholas Lyth, Non-Executive Director                             [phone]

ZAI Corporate Finance Limited

(Nominated Adviser and Broker)                                  Tel: [phone]  

Richard Morrison /Ivy Wang                                              www.zaicf.com          

 

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