REG - UniVision Eng Ltd - Proposed Sale of Interest in T-Com <Origin Href="QuoteRef">UVEL.L</Origin>

UniVision EngineeringAnnouncement

30/03/2016 12:40

RNS Number : 5681T
UniVision Engineering Ltd
30 March 2016
30 March 2016
UniVision Engineering Limited
("UniVision" or the "Company")
Proposed Sale of Interest in T-Com 
UniVision(AIM; UVEL), the Hong Kong basedgroup whose principal activities are the supply, design, installation and maintenance of closed circuit television and surveillance systems, announces that it has decided to sell its 52.25 per cent. interest in T-Com Technology ("T-Com"). The board of Univision (the "Board") is confident that it will be able to enter into an agreement to dispose of its interest in T-Com shortly.
The Board has made the decision to dispose of its interest in T-Com following a continuation of weak trading in the second half of the financial year ending 31 March 2016 as reported on 03 December 2015 and in the interim results announced on 11 December 2016. T-Com has incurred a significant loss of approximately HK$2.4 million for the first nine months in the financial period ending 31st March, 2016.The banking facilities of T-Com are personally guaranteed by Mr. Stephen Koo, the Chairman of UniVision, up to TWD 92 million. The disposal of its interest in T-Com would constitute a substantial transaction as defined under the AIM Rules for Companies. Mr Stephen Koo, Chairman of UniVision, has expressed a firm interest in acquiring UniVision's interest in T-Com. A further announcement will be made in due course. 
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)20 7060 2220
Richard Morrison / Tim Cofman  www.zaicf.com 

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