Jun 29 2011 |
more articles from
|
Chinese firm gets DFSA waiver on takeover rule to go private
Wednesday, Jun 29, 2011
Gulf News
Dubai: China Security and Surveillance Technology (CSST), a Chinese firm listed on Nasdaq Dubai , got a waiver from Dubai Financial Services Authority’s ( DFSA ) takeover rules to go private.
“The company received an approval notice from the Dubai Financial Services Authority for its application for a waiver from the provisions of the DFSA takeover rules module,” the company said in a filing to Nasdaq Dubai .
CSST applied for the takeover rules waiver from DFSA last month so that it could proceed with its efforts become a private company.
Last month the company notified Nasdaq Dubai in writing of its intention to voluntarily delist its securities from the official list of Nasdaq Dubai . The company’s common stock has been suspended from trading on Nasdaq Dubai since May 22 and is expected to be delisted from the bourse on or about July 21.
CSST joined the Dubai International Financial Exchange (DIFX) in 2008, becoming the first company from China to join the bourse, which was later renamed Nasdaq Dubai .
The company listed its ordinary shares on Nasdaq Dubai in a secondary listing. Its primary listing is on the New York Stock Exchange. After the delisting from Nasdaq Dubai , the stock will continue to be listed on the New York Stock Exchange.
“The board believes that a delisting from Nasdaq Dubai and preceding suspension of listing of the company’s common stock on Nasdaq Dubai will not have a material impact on the stockholders, its current relationships with employees, customers or suppliers, or its existing financing arrangements,” a statement from CSR said.
Based in Shenzhen, China, CSST is primarily engaged in the manufacture, distribution, installation and servicing of surveillance and safety products.
By Babu Das Augustine, Deputy Business Editor
© Gulf News 2011. All rights reserved.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment