UniVision enters cooperation framework deal with joint venture partners

Hong Kong-based closed circuit television and surveillance systems company UniVision said on Friday that, further to the sub-contractor announcement it made on 19 November, it has now also entered into a cooperation framework agreement with the China Railway Engineering Hong Kong (CREHK) and China Railway Wuhan Electrification Engineering Group (CRWE) joint venture.

The AIM-traded firm said the agreement would provide a framework for cooperation between the parties on other future projects where they could work together.

Under the deal, UniVision and the CREHK-CRWE joint venture would seek to build on their recent experience working together to look to cooperate on other projects relating to smart cities, investment and finance, products and services, sales and distribution, and in overseas markets.

The board said each company would regard the other party as its first choice cooperation partner in those areas.

Detailed terms relating to each further project would be agreed on a case-by-case basis, but within the framework set out in the cooperation framework agreement, UniVision explained.

“We are delighted to have signed this further agreement with the CREHK-CRWE joint venture,” said chairman Stephen Koo.

“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.

“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.”

At 1146 GMT, shares in UniVision Engineering were up 4.92% at 1.6p.