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Vivendi may cut Maroc Telecom jobs
13 July 2012
Vivendi looks to cut 11% of jobs in Morocco’s Maroc Telecom to save $33m a year
Vivendi’s Morrocan subsidiary Maroc Telecom is planning to cut at least 11% or 1,500-2,000 of its staff with an aim to cut expenses and to improve margins, reports Reuters citing sources close to the development.
A source told Reuters: “The plan will affect mostly operations in Morocco and aims mainly to convince staff close to retirement age to leave.”
The company, which employs 13,700 in Morocco may be able to save $33 million a year from the cuts.
Casablanca-based analyst said: “Maroc Telecom is implementing a broader strategy by Vivendi to cut costs. The telecom market in Morocco is reaching maturity, so operating costs must be reduced to protect shareholders’ value.”
This development follows after SFR, the French operator owned by Vivendi announced €500 million in cost reductions next year. GTB
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