UniVision Engineering Ltd - Hong Kong-based CCTV supplier - announces that Director YIP Kwok Fai, knows as Danny Yip, has resigned from the board with effect tomorrow. The company says it is looking to appoint a replacement, and in the meantime Yip will remain at the company as chief financial officer.
The company also said it had received a winding up petition brought by an equipment supplier - Synnex Technology International HK Ltd, for the contract with MTR Corpor Ltd in the High Court in Hong Kong. Synnex alleges that it is owed around GBP1.4 million by Univision. "Negotiations remain ongoing with Synnex in order to resolve this matter," the company said.
UniVision cancelled its contract for CCTV replacement works for MTR's railway in June, contesting an allegation by MTR that the company had breached its contract.
Current stock price: 0.25 pence
12-month change: down just under 100%
By Harvey Dorset, Alliance News reporter
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Univision (UVEL)