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Panafon Hellenic Tel (PFHD)


Monday 11 September, 2000

Panafon Hellenic Tel

Restructure Proposals

Panafon Hellenic Telecom Co S.A.
11 September 2000

              PANAFON restructure follow up

Panafon   announces  today  the  restructure  of  Panafon
Network and certain group functions, aiming at leaner and
more effective management structures.

In   particular   Panafon  Group  and   Panafon   Network
structures are reorganized as follows:

The effective date of these changes is 8th September 2000
except as noted below

* Mr  George Koronias, Group Chief Executive and Managing
  Director  (MD) of Panafon Network has also assumed  the
  position of MD in Panafon Services.

* Mr  Nikos Avgerinos is appointed as Group International
  Projects  Director. Mr Avgerinos has been with  Panafon
  since  1993  leading  Panafon  Network  Operations  and
  Technical divisions.

* Mr  Charalambos Mazarakis takes the position of  acting
  Group  Chief Financial Manager. Mr Mazarakis  has  been
  the  Finance  Manager  of  Panafon  Network  since  the
  beginning of 1999. In the past he has occupied  finance
  management  positions in Xiosbank,  Procter  &  Gamble,
  Ford James Hellas S.A.
  Mr  Anastasiadis  the  present Panafon  Group  CFO  and
  member  of its BOD will be with Panafon until  November
  2000,  when he leaves to become Finance General Manager
  of the Public Electricity Board of Greece.
* Mr  Marios Delatolas takes the position of acting Group
  Human  Resources  Manager. Mr  Delatolas  has  been  HR
  Manager  in  Panafon  Network  and  the  subsidiary  of
  Panafon,  Panafon  Emporiki since  1996,  and  has  had
  extensive HR management experience in several companies
  including A.C. NIELSEN

* Mr  Sokratis  Kominakis takes the  position  of  acting
  Panafon  Network Commercial Manager. Mr  Kominakis  has
  been   the  Marketing  Manager  since  1998   and   has
  previously  worked as Marketing Manager for  Procter  &
  Gamble and Kraft Jacobs Suschard.

* Finally,  Mr  Michael Tsamaz and Mr Loizos  Kyzas,  the
  former  Commercial and Administration division  General
  Manager    and    Group   Human   Resources    Director
  respectively,  have  resigned  from  their   Management
  positions but will be offering consultancy services  to
  the   Panafon  Board  in  their  respective  areas   of


George    Stefanopoulos   
Panafon   Investor   Relations Executive
Tel: +301 6160061 
[email protected], website

Eleana Giabana
Panafon Media & Public Relations Manager
Tel: +301 6160011

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

5.   Panafon's shareholding structure is as follows:
     Vodafone Group 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
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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