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UniVision Engineering

  • BY: Andrew Hore |
  • POSTED: 04/02/2008 |

CCTV systems supplier and installer UniVision Engineering has won contracts worth nearly £4.5m.

The largest contract is worth £4.2m and is with the Zhong Shan Shi Fu Li Hua Property Development Company, a mainland China property developer. UniVision’s subsidiary Leader Smart will be installing a CCTV system and undertaking electrical and mechnical works at a shopping mall in Zhongshan City in Guangdong Province. The income is secured on the land use right and the development property.

The other contract is with the Hong Kong Housing Authority. UniVision will supply equipment for the installation of digital CCTV systems. The contract is worth HK$3.85m (approximately £250,000). The company will get additional marketing benefits from branding the equipment UniVision.

In order to finance the bigger contract UniVision has been granted a loan facility of $5m (£2.5m) by the holding company of its 47.9% shareholder. This is expensive money. The loan will last for nine months to September 2008 and will cost $1m (£500,000) in interest. UniVision has entered into this loan facility because it is difficult to raise money from a share issue at the present share price.

The shares are trading at 1.75p.

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