14th Jan 2016 17:02
LONDON (Alliance News) - Univision Engineering Ltd said Thursday that Chairman Stephen Koo inked purchase and sale agreements to sell shares in the company in which he is the ultimate beneficial owner to Yi Sheng Technology Ltd and Beijing Hang Tian.
Under the agreements Yi Sheng Technology, part of Derun Group, bought a 20.5% stake in the company for around GBP1.87 million, whilst Beijing Hang Tian bought a 21.0% stake for around GBP1.9 million.
Koo will retain the rights to all dividends for the financial year to end-March.
The surveillance system technology company did not provide details of the number of shares involved in the deals, or Koo's remaining interest in the company. Prior to the deals Koo had a 72.90% stake in the company.
"I am delighted that Yi Sheng, part of the Derun Group and Hang Tian, a State Owned Enterprise, have agreed to become major shareholders in Univision. Their financial strength will support us in tendering for high-value contracts we are working on. They will also be in a position to support us in our attempts to penetrate the Mainland Chinese market," said Koo in a statement.
Shares in Univision were untraded Thursday, it last closed at 0.650 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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