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UniVision Engineering: Zhongshan Shopping Mall Arbitration To Resume
LONDON (Alliance News) - UniVision Engineering Ltd Thursday said it has been advised that the Guangzhou Arbitration Commission will resume the process of arbitration of its Zhongshan Shopping Mall sale on October 29.
Arbitration had been delayed in September 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 Co Ltd for CNY110 million in June.
The minority 49% stake in the mall is owned by Zhonghsan Fu Li Wa Property Development Ltd, which has agreed to sell its holding to an affiliate of Hua Xin, Hong Yi Real Estate Agency Company Ltd. However this sale is in dispute over some of the commercial terms.
UniVision Engineering shares were Thursday quoted up 41% at 0.879 pence following the announcement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Latest UVEL News
- Hong Kong High Court orders UniVision Engineering to be wound up
16 Oct 2023 - IN BRIEF: UniVision says winding-up petition adjourned again
11 Oct 2023 - EARNINGS AND TRADING: Clean Invest reports interim loss and no revenue
2 Oct 2023 - TRADING UPDATES: Inland Homes appoints administrators; EDX buys Hutano
27 Sep 2023 - UniVision Engineering receives wind up petition from E-Star
14 Sep 2023 - UniVision Engineering receives GBP1.2 million wind up petition
29 Aug 2023 - TRADING UPDATES: Jardine Matheson net assets rise, Oberon loss widens
28 Jul 2023 - IN BRIEF: UniVision Engineering unable to explain jump in share price
6 Jul 2023
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