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CSST's Chairman and Chief Executive Officer, Mr. Guoshen Tu, said:
"We are extremely proud to be the first Chinese company to list on the DIFX. This listing will provide our group with wider market access and a significantly higher profile in the Middle East. While we remain focused on our strategy of domestic expansion within China, we believe a listing in Dubai will provide our Company with a foothold into the rapidly expanding Middle East markets and surrounding regions, including Africa, India and Pakistan. Demand for security related products and services within these regions continue to grow at a healthy pace. We believe a listing on the DIFX can enhance our liquidity and introduce us to new pools of capital in this region of the world."
He added, "Dubai serves as base in which we can expand our products and services. We see the potential for strong opportunities from retail security services to our 'one stop shop' design platform, supply installation and even operation of security monitoring and control services. As cities continue to expand in this region, demand for personal and physical security is increasing. Our offering as a total solutions provider positions us well in this market."
Jeff Singer, Chief Executive Officer of the DIFX, said:
"We are delighted that China Security & Surveillance Technology is the first company based in China to be approved for listing on the DIFX. With an established reputation in China in security and surveillance systems, the company's plans to soon expand its business across our own region will be well supported by a DIFX listing. The DIFX will provide the company with high visibility and an excellent regulatory and trading platform."
The DIFX is an international stock exchange serving the region between Western Europe and East Asia. The DIFX opened in 2005 to provide international issuers with access to investors in its rapidly expanding region, as well as regional issuers with access to international investment. The exchange has 15 listed companies from countries including Australia, Bahrain, Canada, India, South Africa, Switzerland, the UK and the US as well as the UAE. Listed companies include DP World, Gold Fields and Kingdom Hotel Investments. NASDAQ OMX acquired a one-third stake in the DIFX in February 2008. The other two thirds is owned by Borse Dubai.
To strengthen its position within the U.A.E., CSST recently completed a private equity placement to two major U.A.E. investor groups, the Sharaf Group in Dubai and the Faisal Holdings Group in Sharjah, which was previously announced July 29, 2008.
Dubai-based Investment Bank, MAC Capital Limited, was appointed to advise the Company on its listing. They also advised on the July equity placement.
Robert W. McMillen, Chairman of MAC Capital, said:
"Listing on the DIFX will extend the number of hours that CSR's stock is able to trade in a business day, help broaden CSST's shareholder base and will boost the profile of the Company in the Middle East. New investors from the U.A.E. and the other Gulf countries will soon be able to directly participate in the phenomenal growth of this company. The company's various business segments should be in great demand in the region and a successful listing on the DIFX will certainly demonstrate its willingness to become part of the Gulf Cooperation Council's business community."
CSST is a leading provider of digital surveillance technology in the People's Republic of China. The Company has its primary listing on the New York Stock Exchange, with a market capitalisation that exceeds $800m (19th September, 2008).
Posted by Siba Sami Ammari
