17th Jan 2020 10:42
(Alliance News) - Surveillance systems supplier UniVision Engineering Ltd said Friday it has entered a cooperation framework agreement with two Chinese companies, providing a framework for cooperation between the parties on future projects.
The agreement was signed with China Railway Engineering Hong Kong Ltd and China Railway Wuhan Electrification Engineering Group Ltd joint venture. The latter is a subsidiary of China Railway Group Ltd, a construction firm.
Under the agreement, the companies will look to cooperate on other projects relating to smart cities, investment & finance, product & services and sales & distribution.
In November 2019, UniVision and the joint venture entered a sub-contract agreement, where China Railway Wuhan provided manpower, finance and other resources to help UniVision achieve its contractual obligations.
"We are delighted to have signed this further agreement with the CREHK-CRWE Joint Venture. Our recent experience with them has been excellent, with the Sub-contract Agreement we signed in November working as we had planned so far, with the expected benefits starting to be seen by UniVision," said Chair Stephen Koo.
"The cooperation framework agreement will provide a consistent basis for our future potential work with them and allow us to pitch jointly for new projects within an agreed framework," Koo added.
Shares in UniVision Engineering - which is based in Kowloon, Hong Kong - were up 4.9% at 1.60 pence on Friday in London.
By Dayo Laniyan; [email protected]
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