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
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Univision (UVEL)