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Panafon Hellenic Tel (PFHD)

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Thursday 06 July, 2000

Panafon Hellenic Tel

Acquisition of Interest

Panafon Hellenic Telecom Co S.A.
6 July 2000

          PANAFON TO ACQUIRE MAJORITY STAKE IN
                INTARGET's SHARE CAPITAL
                   FROM FOURLIS GROUP

Panafon  Hellenic  Telecommunications S.A.,  the  leading
provider of mobile telecommunication services in  Greece,
announces  that it is in the final stages of  discussions
for  the  participation  in INTARGET's  ('INTARGET  S.A')
issued  share  capital, which will  result  in  a  50.01%
shareholding,  following  the  completion  of  all  legal
procedures.
                            
INTARGET is currently the leading and one of and  fastest
growing internet companies, providing commercial internet
services  (e-commerce and e-finance) both in  Greece  and
abroad.

The  main  shareholders of INTARGET are Fourlis  Holdings
S.A,  Metaholding S.A and Intarget's executives, who will
continue  to  manage  the  company.  Fourlis  group  will
continue  to  hold a significant stake in  INTARGET  even
after Panafon acquires this majority stake.

This  co-operation  between  PANAFON  and  INTARGET  will
enable  the  two groups to work closely together  and  to
merge  activities in the dynamically growing areas of  e-
commerce and e-finance. INTARGET is expected to  play  an
important  role in the development of Panafon's  strategy
in the aforementioned internet related areas.

Contact:

George Stefanopoulos,
Panafon  Group  Investor Relations Executive,  
Tel:  +301 6160061, [email protected], website www.panafon.gr

Lulu Bridges,
Tavistock Communications, Tel:  +(44) 20 7600 2288

Nicolas Bornozis ,
Capital Link, Tel: +(212) 661 7566


Notes to Editors:

1.   Panafon's  shares are quoted on  the  Athens  Stock
     Exchange  and  its GDSs are quoted on the London  Stock
     Exchange.  The shares began trading on Monday 7 December
     1998.

2.   Panafon has 512, 500,000 shares in issue.

3.   Panafon is a shareholder in:
     Panafon Emporiki (previously Panavox)100.00 per cent
     Panafon Services                     100.00 per cent
     Radio Korassidis Telecom              26.11 per cent
     Unifon                                19.01 per cent
     Mobitel                               25.01 per cent
     Ideal Telecom                         51.00 per cent 
                                           (following completion 
                                           of all legal procedures)
     
4.   Panafon  was  awarded a licence to  operate  a  GSM
     network  in Greece for a period of 20 years  in  August
     1992.  The network commenced operations on 1 July 1993.

5.   Panafon's shareholding structure is as follows:
     Vodafone AirTouch Plc         55 per cent
     France Telecom                 3 per cent
     Intracom S.A.                 10 per cent
     Free float                    32 per cent

PANAFON listings:
Shares:  Athens SE, Reuters PANr.AT. Bloomberg  PANF  GA.
Nominal  value GRD 100. ISIN GRS 307 333 005.  SEDOL  556
0349.
GDRs:  LSE . Reuters PANq.L. Bloomberg PFH GR,  PFHD  LI.
ISIN US 6981 132 060. SEDOL 556 0361.
Rule  144A: Bloomberg Nasdaq 2250Q US. ISIN US  6981  131
070. SEDOL 230 2629
Indices:  FTSE/ASE  20, FTASE, 3.267%. Bloomberg  Europe,
BE500, .140%.
BBG  Eur  Telecom,  BETELES,  1.190%.  BBG  Europ  Techn,
BETECH, 1.237%.


                                                                                
                                                                                
                               

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