Contract win

UniVision Engineering

30/12/2020 12:34

RNS Number : 1683K

UniVision Engineering Ltd

30 December 2020

 

RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

For immediate release: 30 December 2020

 

UniVision Engineering Limited

("UniVision", the "Company" or the "Group")

Contract win 

UniVision (AIM: UVEL), the Hong Kong based group whose principal activities are the supply, design, installation and maintenance of closed circuit television (CCTV) and surveillance systems, and the sale of security related products, is pleased to announce that the Company has signed a fourth Supplementary Agreement to its May 2017 Agreement with the MTR Corporation in Hong Kong ("MTRC")(the "Major Contract").

Supplementary Agreement No.4, which is for modifying design and installation method of CCTV cameras ("the Modification Works"), has an agreed contract value of HK$11.2m (approximately £1.06m).  The Modification Works are to be completed by 29 July 2024 - a date which runs past the original end date of the Main Contract (November 2023).

This contract award follows closely behind Supplementary Agreement No.3, announced as Contract Win on 1 September 2020, which was for HK$29m.

The Directors now expect that work on the Major Contract, together with the four Supplementary Agreements added to date, is now unlikely to complete in full until July 2024 rather than November 2023.   

 

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

 

UniVision Engineering Limited
Tel: +852 2389 3256
Stephen Koo, Chairman
www.uvel.com
Danny Kwok Fai Yip, Finance Director
Nicholas Lyth, Non-Executive Director
Tel: +44 (0)7769 906686
SPARK Advisory Partners Limited
(Nominated Adviser)
Tel: +44 (0)20 33683551
Mark Brady / Neil Baldwin
www.sparkadvisorypartners.com
SI Capital Limited
(Broker)
Tel: +44 (0)1483 413500
www.sicapital.co.uk

Nick Emerson

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