UniVision appoints major Chinese subcontractor
The group said that China Railway Engineering Limited (‘CREHK’) will be working with the group to deliver any existing contractual obligations.
This will also include China Railway Wuhan Electrification Engineering Group Limited (‘CRWE’) -- the two groups will be working together in a CREHK-CRWE Joint Venture.
CRWE is subsidiary of China Railway Group, one of the largest construction companies in the world, listed in both Shanghai and Hong Kong and holding employees of more than 250,000.
In particular, CRWE will be able to provide “significant manpower, finance and other resources,” the firm explained, in order to help meet the contractual obligations in a more efficient and cost-effective manner.
“We believe this strategic partnership will bring significant advantages to UniVision in that we can utilise CRWE's sourcing capability and financial strength with both current and other potential customers,” said Stephen Koo, Chairman of UniVision.
The group consider the CREHK-CRWE Joint Venture to offer a more positive impact on UniVision's contractual Gross Margins than the wide range of smaller sub-contractors currently being used.
“Whilst this is the first time we have worked with CRG, we are aware that, as one of the world's largest construction and engineering companies, other opportunities may present themselves in the future,” Mr Koo added.
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