China security & surveillance technology, inc.’s shares to start trading on the Dubai international financial exchange tomorrow
China Security & Surveillance Technology, Inc. (''CSR'' or the “Company”), a leading provider of security solutions in China, today announced that its shares will commence trading on the Dubai International Financial Exchange (''DIFX'') tomorrow, the 13th October, 2008. The ordinary shares will trade in U.S. dollars under the ticker symbol, ‘CSR’.
“Another milestone in our corporate history has been achieved and we are delighted to have been accepted by the DIFX as the first of what we believe will be many Chinese companies to list on this market”, said Chairman and Chief Executive Officer of the Company, Mr. Guoshen Tu.
When asked why he decided to list his Company’s shares on the DIFX, Mr. Tu stated “Dubai is now clearly established as one of the world’s major financial centres. It is also a great base for the regional expansion of our business. If we are to commit to the region, it is only logical that we list our shares here for branding purposes. We have a very good institutional following in New York and we believe that we can establish the same type of long term investor loyalty here. We hope that the Company’s strong history of growth will encourage local investors to add our shares to their portfolio.”
The Company’s shares are also listed on the New York Stock Exchange (“NYSE”) where they are actively traded. Shares purchased on the DIFX or the NYSE are permitted to be sold on either exchange via a share registry link.
Mr. Jeff Singer, Chief Executive of the DIFX, said, “We are delighted to offer this listing opportunity to China Security & Surveillance Technology, Inc. to support the Company’s activities in this region. The dual listing nature of the stock will provide a clear reference price in both markets.”
Dubai-based investment bank, MAC Capital Limited, advised the Company on its listing.
The Company’s shares closed at USD 10.01 per share on 10th October, 2008 on the NYSE. This represents a total market capitalisation of the Company of USD 451.677 million (AED 1,659.145 million)
