Update on agreement to sell shares owned by S Koo

RNS Number : 8758P

UniVision Engineering Ltd

23 February 2016

 

23 February 2016

UniVision Engineering Limited

("UniVision" or the "Company")

Update on agreement to sell shares owned by Stephen Koo

Following the announcement on 14 January 2016, regarding the sale of shares in Univision, of which Stephen Koo is the ultimate beneficial owner to Yi Sheng Technology Ltd ("Yi Sheng") 逸生科技, a company under the control of Derun Group and to Beijing Hang Tian ("Hang Tian") 北京航天正华 an affiliate of a State Owned Enterprise, the Company announces that Yi Sheng and Hang Tian have submitted a summary of the sale and purchase agreement, shareholding structure and details of the consideration due for approval in January to the National Development and Reform Commission of People's Republic of China; Ministry of Commerce of People's Republic of China; and State Administration of Foreign Exchange of People's Republic of China. Whilst the Company expects receiving approval in due course the approval has been delayed due to Chinese New Year. A further announcement will be made in due course.  

UniVision Engineering Limited	Tel: [phone]
Stephen Koo, Chairman Chun Pan Wong, Chief Executive Officer Danny Kwok Fai Yip, Finance Director	www.uvel.com
Nicholas Lyth, Non-Executive Director	[phone]
ZAI Corporate Finance Limited (Nominated Adviser and Broker)	Tel: [phone]
Richard Morrison /Ivy Wang /Songdi Lin	www.zaicf.com

 

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