Magal jumps on $35m African football deal

Magal will secure the 28th African Cup of Nations, which Gabon and Equatorial Guinea will host in January 2012.

Magal Security Systems Ltd. (Nasdaq: MAGS; TASE: MAGS) has won a $35.5 million contract to provide a fully integrated security system for the multiple sites of the 28th African Cup of Nations football championship, which Gabon and Equatorial Guinea will co-host in January 2012.

Magal's share price rose 19.8% to NIS 12.70 by mid-afternoon on the TASE, and rose 15.6% in premarket trading on Nasdaq to $3.56, giving a market cap of $32 million.

Magal will provide its Fortis Physical Security Information Management (PSIM) system for the teams' football stadiums and the Olympic villages. A regional control center will oversee several smaller centers via a built-in hierarchical structure.

Magal chairman Jacob Perry said, "This is the largest project in our history."

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