UniVision Engineering Ltd UniVision appoints major sub-contractor (2623T)
November 13 2019 - 5:25AM
UK Regulatory
TIDMUVEL
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 Tel: +44 (0)20 3368 3551
(Nominated Adviser)
Mark Brady / Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited Tel: +44 (0)1483 413500
(Broker) www.sicapital.co.uk
Nick Emerson
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END
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