China Security & Surveillance Technology, Inc. (CSST), China-based company providing integrated surveillance and safety solutions, 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 applied for the waiver in order to proceed with the going private transaction contemplated by the Amended and Restated Agreement and Plan of Merger with the following companies: the British Virgin Islands-registered company Rightmark Holdings Limited, which is the wholly owned subsidiary of another BVI company, Intelligent One Limited, wholly owned by CSST's chairman and CEO Mr. Guoshen Tu; and Rightmark Merger Sub Limited, Delaware-incorporated company wholly owned by the BVI-based Rightmark and Mr. Guoshen Tu.
The waiver will remain effective provided that the company's common stock remains suspended from trading on Nasdaq Dubai. CSST's common stock has been suspended from the official list of Nasdaq Dubai since May 22, 2011, after the company had notified in writing of its intention to voluntarily delist its securities. It is expected to be completely delisted on or about July 21, 2011.
