12th Mar 2019 16:40
LONDON (Alliance News) - Surveillance systems supplier UniVision Engineering Ltd said on Tuesday it has entered a loan agreement with UniVision Holdings Ltd, which holds a 48% stake in UniVision Engineering.
The loan is for HKD3.0 million, or GBP292,081 and is interest free. The loan will provide enough asset backing for the group while it is temporarily suspended from tendering additional Hong Kong government contracts.
The suspension was enacted by Hong Kong Government Works Branch under the Electrical & Mechanical Services Department, due to a substantial increase in work from the MTR Corp contract.
The loan will also go towards the eventual lifting of the suspension.
Shares in UniVision Engineering closed 18% higher at 2.42 pence on Tuesday.
"I am delighted that this loan to the company has enabled it to resume tendering for new work from the Hong Kong Government Works Branch as it has been able to do in the past," said Executive Chair Stephen Koo.
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