(Alliance News) - UniVision Engineering Ltd on Tuesday said it has received a wind up petition from a supplier for outstanding debt of HKD11.5 million, about GBP1.2 million.
UniVision Engineering is a Hong Kong-based company that supplies, designs, installs and maintains closed-circuit television and surveillance systems, and also sells security-related products.
Its shares were up 18% to 0.36 pence each in London on Tuesday afternoon.
UniVision said it has received a petition that has been brought by one of its suppliers, Synnex Technology International (HK) Ltd, in the High Court in Hong Kong.
It noted that the petition is in respect of outstanding debts owed by the company of HKD11.5 million about GBP1.2 million in relation to payments under a deed of settlement entered into between the UniVision and Synnex on January 30.
The date of the court hearing has been set for October 10.
UniVision said it continues to negotiate with Synnex and intends to defend and oppose the petition.
It noted that it remains in negotiations with potential investors who are looking to make a "substantial" investment in the company. UniVision added that it is satisfied that it will be able to meet the petition should this be necessary.
By Sophie Rose, Alliance News reporter
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Univision (UVEL)