REG - UniVision Eng Ltd - Agreement to sell shares owned by S Koo <Origin Href="QuoteRef">UVEL.L</Origin>

UniVision EngineeringAnnouncement

14/01/2016 17:00

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 basedgroup 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"), 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" 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: +852 2389 3256
Stephen Koo, Chairmanwww.uvel.com 
Chun Pan Wong, Chief Executive Officer
Danny Kwok Fai Yip, Finance Director
Nicholas Lyth, Non-Executive Director   +44 (0)7769 906686
ZAI Corporate Finance Limited 
(Nominated Adviser and Broker)  Tel: +44 (0)2070602220
Richard Morrison /Ivy Wangwww.zaicf.com 

This information is provided by RNS
The company news service from the London Stock Exchange
  END
STRBLGDBBSBBGLS