Cairo – Mubasher: Global Telecom Holding’s (GTH) board of directors has agreed to transfer loans worth $370.5 million of shareholders and Telecom Ventures Ltd as a lender.

The current financial situation and cash inflows to GTH remain the same after the transfer, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

It is worth noting that Telecom Ventures Ltd is a subsidiary of GTH and holds 100% stake of Banglalink.

GTH previously reported turning to losses on a yearly basis for the first nine months of 2018, with $345.1 million in a loss, against a profit of $56.8 million in the same period of the prior year.

Revenues narrowed to $2.12 billion by the end of September, from $2.29 billion in the same period the year before.