Proposed Sale of Interest in T-Com

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 based group 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 31^st 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: [phone]

Stephen Koo, Chairman                                                   www.uvel.com  

Chun Pan Wong, Chief Executive Officer

Danny Kwok Fai Yip, Finance Director

Nicholas Lyth, Non-Executive Director                                      [phone]

ZAI Corporate Finance Limited

(Nominated Adviser and Broker)                                           Tel: [phone]  

Richard Morrison / Tim Cofman                                                       www.zaicf.com          

 

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