Global Telecom Holding announced an initiative for the reorganization and rationalization of cost through the relocation of its head office in Cairo.
The company said in a statement to the stock exchange that this initiative will provide about $9 million a year.
The statement added that the initiative includes the principle of decentralization for some functions related to operations, as they were transferred to the subsidiaries which are responsible for the operation of mobile communications in Algeria, Bangladesh, Pakistan and Zimbabwe.
Vincenzo Nesci, chief executive of Global, said it became necessary to move the head office to another place which is operationally convenient and has all technical support means to boost the company’s operations in Africa and Asia.
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