UniVision Engineering Eyes Chinese and Asia Markets After Contract Win

By Philip Waller Features Dow Jones Newswires

Shares in UniVision Engineering Ltd rose nearly a third Thursday after the Hong Kong-based closed-circuit television maker said it was considering expanding into China and Australasia.

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The stock lifted 0.75 pence, or 32%, to 3.1 pence as UniVision said it plans to review the Chinese and other markets following its success earlier this month in gaining a HK$389.4 million ($49.9 million) contract from Hong Kong-based transport group MTR Corporation Ltd.

That contract involved replacement of CCTV systems on MTR's rail and tram network in Hong Kong, and UniVision said it sees potential for expansion elsewhere.

There are 47 metro systems under construction worldwide, of which 17 are in China and South East Asia, said UniVision.

The company also said it could win further contracts of varying sizes from MTR linked to the main contract.

"The board believes this success presents UniVision with an opportunity to market its brand to purchasers of similar systems outside Hong Kong, including but not limited to the People's Republic of China and Australasia," Univision said.

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"At the appropriate time, the company will begin its review of this market and will update shareholders in due course."

Write to Philip Waller at philip.waller@wsj.com

(END) Dow Jones Newswires

May 25, 2017 09:49 ET (13:49 GMT)