REG - UniVision Eng Ltd - UniVision appoints major sub-contractor

UniVision EngineeringAnnouncement

13/11/2019 10:30

RNS Number : 2623T
UniVision Engineering Ltd
13 November 2019
 


13 November 2019
 
RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
 
UniVision Engineering Limited
("UniVision", the "Company" or the "Group")
 
UniVision appoints major sub-contractor 
 
 
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, announces that it has signed a sub-contract agreement with China Railway Engineering (Hong Kong) Limited ("CREHK" ) and China Railway Wuhan Electrification Engineering Group Limited ("CRWE") Joint Venture ("CREHK-CRWE Joint Venture") to work with the Group to deliver its existing contractual obligations
 
CRWE is a subsidiary of China Railway Group Ltd ("CRG"). CRG, listed in both Shanghai and Hong Kong, is one of the largest construction companies in the world and employs more than 250,000 employees. CRWE, via the CREHK-CRWE Joint Venture, will be able to devote significant manpower, finance and other resources to help the Group meet its existing contractual obligations in a more efficient and cost-effective manner.
It is anticipated that the effect of working with the CREHK-CRWE Joint Venture on existing contracts, rather than the wide range of smaller sub-contractors currently being used, will create a positive impact on UniVision's contractual Gross Margins
The Directors also believe that working with CRG will benefit both UniVision and its customers, as well as freeing up other current sub-contractors to work with the Group on other potential new projects that it may tender for in the future.
Stephen Koo, Chairman commented:
 
"We are delighted to have signed this agreement with such a strong partner.  We believe this strategic partnership will bring significant advantages to UniVision in that we can utilise CRWE's sourcing capability and financial strength with both current and other potential customers.  Whilst this is the first time we have worked with CRG, we are aware that, as one of the world's largest construction and engineering companies, other opportunities may present themselves in the future. We are looking forward to getting started with them as soon as possible."
 
 
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 3368 3551  




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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