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Panafon Hellenic Tel (PFHD)

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Tuesday 03 April, 2001

Panafon Hellenic Tel

Re Joint Venture

Panafon Hellenic Telecom Co S.A.
2 April 2001


2 April 2001

Announcement

On 28 February 2001, Panafon announced that it had agreed to establish a joint
venture with Vizzavi Europe Holdings BV ('Vizzavi Europe'). Panafon announces
that on 30 March 2001 it signed a shareholder agreement with Vizzavi Europe
for the development and operation of the 'Vizzavi' multi-access portal in
Greece.

On completion of the Merger between Panafon with Unifon, Panafon will own 100%
of E-Motion S.A., a dormant subsidiary of Unifon, which will be used as the
vehicle to facilitate the agreement with Vizzavi Europe.  Under the terms of
the agreement reached with Vizzavi Europe, Panafon will transfer 80% of the
share capital of E-Motion S.A. to Vizzavi Europe.  E-Motion S.A. will be
renamed to Vizzavi Hellas S.A.  The transfer will be concluded by an increase
in the share capital by GRD 3,280,000,000 (Euro 9.6 million) of Vizzavi Hellas
S.A., which will be paid in cash solely by Vizzavi Europe. Panafon will waive
its pre-emption rights on this capital increase.  This transfer is dependent
on the completion of the merger of Panafon with Unifon, which is subject to
shareholder approval at an Extraordinary General Meeting of Panafon to be held
on 4 April 2001.

The company E-Motion S.A. has no relationship with the 'E-Motion' brand name
and shops, which will remain under Panafon's sole ownership after the merger
of Panafon with Unifon.

Upon completion of all legal procedures, Mr. George Koronias Panafon CEO will
become the President of the Board of Directors of Vizzavi Hellas S.A. and Mr.
Aris Hadjiaslanis will become the Managing Director.


                                   --Ends--


For Further Information Contact:

Dimitris Tsorbatzoglou

Panafon Head of Investor Relations  Tel: +301 6160019

[email protected], website www.panafon.gr/en/ir


                                                                                
                                                         

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