3rd Mar 2021 14:33
UniVision Engineering Ltd - Hong Kong-based supply, design, installation and maintenance of closed circuit television and surveillance systems - Chair Stephen Koo enters non-binding agreement to sell a 52.4% stake in UniVision to SinoCloud Group Ltd, a Singapore-listed investment holding company. Koo proposes to sell 201.0 million shares to SinoCloud for HKD89.0 million, about GBP8.2 million or 4.1 pence per share. The deal would leave Koo with 78.7 million shares, a 20.5% stake, and he would remain as executive chair of the UniVision.
SinoCloud was known as Armarda Group Ltd until 2015. Its major current investment is a majority stake in a internet data centre in Guiyang, China. UniVision said SinoCloud believes it can help the company grow, as well as provide it with data storage facilities. SinoCloud has committed to provide a minimum HKD10.0 million funding facility to UniVision within three months of the share purchase. It has said it has no intention of making an offer for the rest of UniVision.
Current stock price: 2.42p, more than doubling from 1.17p prior to announcement Wednesday
Year-to-date change: up 87%
By Tom Waite; [email protected]
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