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Panafon Hellenic Tel (PFHD)

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Thursday 09 September, 1999

Panafon Hellenic Tel

Acquisition Proposal

PANAFON HELLENIC TELECOM COMPANY SA
8 September 1999

PANAFON S.A. TO SUBMIT EXPRESSION OF INTEREST IN CONNECTION WITH THE
PRIVATISATION OF THE ALBANIAN MOBILE COMMUNICATIONS SH.A.

PANAFON Hellenic Telecommunications Company S.A. ('Panafon'), in conjunction
with its majority shareholder Vodafone AirTouch Plc ('Vodafone AirTouch'),
announces that it will lead a consortium of investors submitting proposals for
the acquisition of a majority stake in Albanian Mobile Communications Sh.A.
('AMC') as part of the Ministry of Public Economy and Privatisation's ('MPEP')
proposals for its privatisation.

The main terms of the privatisation of AMC include the sale of a stake currently
held by the MPEP to strategic investors (or a consortium of qualified companies
acting as a pool of strategic investors).  The stake, being offered through an
international open tender, should amount to no less than 51% and no more than
85% of the whole of the issued share capital of AMC.

Formal letters containing the expression of interest, together with all the
necessary requested documents will be submitted to Banca IMI, advisors to the
MPEP, by 15th September 1999.

George Koronias, Chief Executive of Panafon commented: 'This tender represents a
further step in Panafon's strategy of expanding its international presence in
the mobile telecommunications market and reinforces our continued development in
within the Vodafone AirTouch Group.'


Notes to Editors:

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

2.  Panafon has 256,250,000 shares in issue.

3.  Panafon is a shareholder in:
      Panavox                      100 per cent
      Radio Korassidis Telecom      30 per cent
      Unifon                        25.075 per cent prior to listing (18.8   
                              per cent after share capital increase and listing)

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 ownership profile is as follows:
      Vodafone AirTouch Plc            55 per cent
      France Telecom                   20 per cent
      Intracom S.A.                    10 per cent
      Free float                       15 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/ASE20, FTASE, 3.267%. Bloomberg Europe, BE500, 140%.
BBG Eur Telecom, BETELES, 1.190%. BBG Europ Techn, BETECH, 1.237%.

Contact:  George Stefanopoulos
Panafon S.A.
Tel: +301 6160061


                                                                                                           

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