Unicel Loses Financial Backer, Struggles To CompeteJanuary 2009 | Company News Alert
Brazilian mobile newcomer Unicel has said in a filing with the regulator, Anatel, that it will not be transferring 49.1% of its stock to Saudi Arabia-based Hits Telecom. A deal between Unicel's holding company, Elav, which represents the interest of CEO José Roberto Melo da Silva, and Hits was agreed in April 2008, just months before Unicel launched in the São Paulo metropolitan market under brand name aeiou. The new operator had set a target of 500,000 subscribers in its first year of operations but had only achieved 16,788 by December 2008, four months after its launch.
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