Dubai: Al Rostamani Group, which owns 51 per cent of mobile handset retailer Cellucom, on Monday said Cellucom could no longer continue as a business concern.
"Al Rostamani Group confirms that in June 2009 it filed applications for liquidation in the Dubai courts of Dubai-based companies Cellucom FZCO and Cellucom LLC in which it has a 51 per cent shareholding," the company said in an e-mailed statement.
Having reviewed Cellucom's business and financial affairs, Al Rostamani Group concluded that the Cellucom companies could no longer sustain themselves as going concerns, it said. The applications for liquidation are pending final judgment by the Dubai Courts.
"Al Rostamani Group can make no further comment at this stage. It is worth noting that the application to liquidate Cellucom does not reflect in any material way on the financial position of the Al Rostamani Group or any of its group companies, nor on the continuation of any of their respective businesses," the statement said.
