SHENZHEN, China , July 30 /Xinhua-PRNewswire/ -- China Security &
Surveillance Technology, Inc. ('The Company' & 'CSST')(NYSE: CSR), a leading
provider of digital surveillance technology in the PRC, today announced that
the Company has completed a private placement transaction in which it issued
722,544 units (the "Units") to several United Arab Emirates (UAE) based
investors (the "Investors") for an aggregate gross cash purchase price of
A small number of investors were selected to participate in this private placement, including Mr. Sharafuddin Al Sayed Sharaf , Faisal Holdings and MAC Capital Limited.
Mr. Sharaf is a local U.A.E.-based businessman and co-founder of the Sharaf Group, which was established in 1976 in partnership with his brother, Ibrahim Al Sayed Sharaf . The group has diverse interests in retail fashion, electronics, travel and tourism, shipping and transport, logistics, financial services, leisure, real estate, construction and industry. Mr. Sharaf also is the Chairman of the First Security Group, a significant provider of security and related services in the U.A.E.
Faisal Holdings is a considerable business conglomerate in the U.A.E. Under the Chairmanship of H.H. Sheikh Faisal Bin Sultan Al Qassimi , the company has grown over the last 40 years to be a substantial undertaking, with interests ranging from construction to real estate, retail and financial services. Its primary focus is on industry. A major subsidiary of the group is GIBCA, a large manufacturing and construction operation with its base in the Emirate of Sharjah , U.A.E.
Guoshen Tu, Chairman and Chief Executive Officer, stated, "We view this private placement as a strategic equity partnership and one that can help expand our opportunities in the Middle East region. We are seeing increased demand for security and surveillance services not only in China , but in other surrounding regions, including the Middle East . Both investors involved in this transaction are highly respected, well-known individuals in the UAE who can provide further credibility for CSST and increase the profile of our Company as we pursue new business opportunities within our core operating categories in the Middle East region. In addition to our recent announcement to apply for a secondary listing on the Dubai International Finance Exchange (DIFX), we believe this new equity partnership can enhance our relations with local governments and the UAE business community and provide new sales opportunities for CSST."
Dubai International Financial Centre-based investment bank, MAC Capital Limited, has been appointed by CSST to advise on a listing on the DIFX and also advised on this private placement. The Company has received a waiver from Citadel related to this transaction and there is no reset whatsoever related to the terms of its convertible notes.
"The Gulf Cooperation Council (GCC) is not an easy region to access. Like Asia , good local partners are essential if any company wishes to establish a successful business here. The U.A.E. property markets continue to grow significantly and CSST's "complete solution" to the security issue will be of significant interest to major developers here," added Robert W. McMillen , Chairman of MAC Capital.