12th Sep 2014 08:08
LONDON (Alliance News) - UniVision Engineering Ltd said Friday that the arbitration on its Zhongshan Shopping Mall sale has been delayed, due to the death of the legal representative of one of the parties involved.
The digital surveillance and security systems company has a 51% stake in the Zhongshan Shopping Mall, which it agreed to sell to Guangzhou Hua Xin Trading Company Ltd for CNY110 million in June.
The remaining stake in the mall is owned by Zhonghsan Fu Li Wa Property Development Ltd, which has agreed to sell its stake to Hua Xin, Hong Yi Real Estate Agency Company Ltd. However this sale is in dispute over some of the commercial terms.
The commission in relation to this dispute has obtained some documents and information to enable it to reach a final decision. However, following the death of Fu Li Wa's legal representative, named as Mr. Wu, the arbitration will be temporarily suspended until a successor is announced.
UniVision said it has submitted an audit report to the commission certifying its subsidiary Leader Smart Engineering Shanghai Ltd has paid Fu Li Wa and its subcontractors not less than CNY67.5 million for its stake in the project, as was requested by the commission.
Shares in UniVision are untraded Friday. It last traded at 0.875 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
UVEL.L