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Panafon Hellenic Tel (PFHD)

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Friday 07 January, 2000

Panafon Hellenic Tel

Acquisition of Interest

Panafon Hellenic Telecom Co S.A.
7 January 2000

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES,
               CANADA OR JAPAN
                            
                            

         PANAFON ACQUIRES A 25% STAKE IN MOBITEL
                            

Panafon  Hellenic  Telecommunications S.A.,  the  leading
provider of mobile telecommunication services in  Greece,
announces  the  acquisition of a 25.01%  shareholding  in
Mobitel Electronics and Telecommunication Systems  S.A.'s
issued  share  capital, following the completion  of  all
legal procedures.

Mobitel,  an  affiliate  of the  Interamerican  Group  of
Companies,  became one of Panafon's service providers  in
February  1999.  Mobitel owns one of the  largest  retail
networks  for  GSM products and services in the  Hellenic
mobile  telecommunications market.  With  more  than  440
outlets,  Mobitel has significantly reinforced  Panafon's
already  powerful  and extensive commercial  network,  in
terms of quantity and quality.

Mobitel has been active in the market since the beginning
of  mobile  telephony  in Greece, in  1993.  During  this
period,   it  has  developed  a  well-organized   network
consisting  of  Mobitel-owned  centres  and  hundreds  of
dealer-owned  retail outlets. Panafon's participation  in
Mobitel will enhance the Company's investments in Mobitel-
owned  centres,  in further expansion of  its  commercial
network  and  development of new products  and  services.
Mobitel  is  planning to be listed on  the  Athens  Stock
Exchange.

Panafon  continues  its  strategy  of  purchasing  equity
stakes  in its service providers. This strategy began  in
1997  with  the  acquisition of 100%  of  Panavox  S.A.'s
issued  share capital, and continued with the acquisition
of  30%  of  the issued share capital of Radio Korassidis
Telecom and 25.075% of Unifon's share capital. Both Radio
Korassidis Telecom and Unifonhave been recently listed on
the  Athens Stock Exchange and therefore Panafon's stakes
have been adjusted to 26.11% and 18.8% respectively.

Panafon's  aim is to enhance the spirit of co-  operation
with its service providers, ensuring the consistency  and
supreme   quality  of  the  services  rendered   to   its
customers.


For more information, please contact:

George Stefanopoulos
Panafon  S.A, Tel:  +30 1 616 0061

Lulu Bridges / William Cooper
Tavistock Communications, Tel:  +(44) 171 600 2288


NOT  FOR  DISTRIBUTION OR RELEASE IN THE  UNITED  STATES,
CANADA OR JAPAN

This  press-related  material  does  not  constitute   or
contain   an  offer  or  solicitation  of  an  offer   of
securities  in  the  United  States  or  elsewhere.   The
securities  are not being registered under the Securities
Act  and may not be offered or sold in the United  States
absent registration or an exemption from registration.
This  document may only be issued or passed in the United
Kingdom to a person who is of a kind described in Article
11(3)  of  the  Financial Services Act  1986  (Investment
Advertisements) (Exemptions) Order 1996 (as  amended)  or
is  a  person to whom the document may otherwise lawfully
be issued or passed on.
          
  
                                                  

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