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Cellucom shuts shop in the UAE

Cellucom, one of the largest mobile phone retailers in the UAE and a stakeholder in Spice Mobile's HotSpot, has closed all its shops in that country

Remember a company called Cellucom? Once upon a time, the Dubai-based group was a joint venture partner with Indian RPG Group and later became a stakeholder in the BK Modi-led Spice group's mobile retail venture HotSpot.

According to reports, Cellucom, one of the largest mobile phone retailers in the Gulf, has shut down all its stores in the United Arab Emirates (UAE) and its chief executive officer has moved to Africa amid a legal case involving its majority shareholder, the Al Rostamani Group.

In 2007, the Al Rostamani Group bought 51% stake in electronics retailer Cellucom. According to UAE daily ‘The National’, Cellucom stores began closing in September 2009 after major stakeholder Al Rostamani Group filed for liquidation of the retailer because they “could no longer sustain themselves as going concerns.”

"Al Rostamani Group has acted responsibly in the interests of the Cellucom creditors and shareholders in filing the liquidation proceedings," the company was quoted as saying in a statement. Al Rostamani’s application is pending final judgment from the Dubai courts.

Ajay Nagar, a former Cellucom executive and a brother of the Cellucom chief executive officer Arun Nagar, has said that the head of the company was in Tanzania, continuing to expand the business. Ajay Nagar was quoted as saying that his brother left the UAE in March last year.

"He (Ajay Nagar) confirmed that Cellucom had closed all its stores in the UAE," the daily reported.

In February 2009, BK Modi's Spice Group bought 100% stake in Cellucom India in an all-stock deal. In turn, Cellucom got a 26% stake in Spice Group's mobile retail venture HotSpot.

Earlier, the RPG Group sold its 50% stake in their joint venture RPG Cellucom, to the mobile retailer. Following this, Cellucom roped in Ernst & Young to find a partner or investor.

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ABDUL

6 years ago

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I HAVE WORK IN YOUR STORE IN INDIA
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Gold jumps up Rs130 on fresh buying, strong global cues

Trading sentiment turned positive on speculation that the US will keep its benchmark interest rates low, spurring demand for bullion as an alternative investment

Gold prices shot up by Rs130 to Rs16,780 per ten grams in the bullion market here today on fresh buying induced by a firming global trend.

Standard gold and ornaments rose by Rs130 each to Rs16,780 and Rs16,630 per ten grams, respectively, while sovereign remained stable at Rs13,950 per eight-gram piece.

Trading sentiment turned positive on speculation that the US Federal Reserve will keep its benchmark interest rates low to safeguard economic recovery, spurring demand for bullion as an alternative investment.

Gold in Asian markets gained 0.4% to trade at $1,138.55 an ounce.

Market analysts said that fresh buying triggered by a firming global trend led to the rise in gold and silver prices.

In line with the general trend, silver rose by Rs80 to Rs27,580 per kg and weekly-based delivery by Rs50 to Rs27,380 per kg.

Silver coins also gained Rs100 to Rs33,500 for buying and Rs33,600 for selling of 100 pieces.

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