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Panafon Hellenic Tel (PFHD)

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Friday 25 February, 2000

Panafon Hellenic Tel

Launch of New Subsidiary

Panafon Hellenic Telecom Co S.A.
25 February 2000


                              
 PANAFON ANNOUNCES THE LAUNCH OF A NEW SUBSIDIARY: PANAFON
                          SERVICES
                              

PANAFON   Hellenic  Telecommunications  S.A.,  the   leading
provider of mobile telecommunication services in Greece, has
established a 100% owned new subsidiary: 'Panafon Services'.
The  new  company's  scope  of business  is  to  consolidate
customer services of Panafon's distribution network as  well
as  leverage  existing Information Technology  expertise  to
launch  and  promote  new  state of  the  art  products  and
services.

More  specifically  Panafon Services will incorporate  under
one umbrella, the current Panafon Customer Services and that
of  its  Service  Providers, to achieve premium  quality  of
services and benefit from economies of scale.

Additionally,   all  the  existing  Information   Technology
expertise*  of  Panafon  will  be  integrated  into  Panafon
Services,  to  further develop and market new  products  and
services.   Particular  emphasis  will  be  given   to   the
promotion  of existing and the development of new  state  of
the  art  Information  Systems such as MIS  &  Datawarehouse
products  as  well  as  Services, such as  Billing  Services
Bureau & outsourcing, both in Greece and abroad.

Mr  Gregory  Anastasiadis, the Chief  Financial  Officer  of
Panafon,  who  has  been appointed as Managing  Director  of
Panafon   Services  commented:  'In  establishing  the   new
company,  our  aim is to offer premium quality services  and
state  of  the  art  information  systems,  while  achieving
economies of scale, to further enhance the profitable growth
of Panafon Group.'


* 'Panafon Way of Management', based on first class (best in
industry)  MIS.  PANAFON's proprietary  systems   (such  as
MANTIS)  have  been  already sold to a  number  of  Vodafone
AirTouch  group companies. (Libertel in Holland, Vodacom  in
South  Africa  and  Vodafone Ltd, U.K.).  Also  PANAFON  has
developed  the  IT  strategic  plan  and  a  point  of  sale
application  s/w  (SMART)  to Mobilrom  in  Romania  and  to
Vodafone in Hungary (Billing Services Bureau)


For more information, please contact:

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

Lulu Bridges
Tavistock Communications, Tel:  0207 600 2288

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


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