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Panafon Hellenic Tel (PFHD)


Thursday 30 September, 1999

Panafon Hellenic Tel

Result of AGM, etc.

30 September 1999


The   first   Annual   General  Meeting   of   Panafon's
Shareholders, after the company's listing in the  Athens
and  London stock exchanges, took place today, 29th September
1999,  in  Athens.  The  company  presented   its
achievements and financial results for the fifteen month
period ending 31st March 1999. During this period all of
Panafon's main indices were improved.

George  Koronias,  Chief Executive  Officer  of  Panafon
S.A., commented:

'our target is to continue delivering profitable growth,
enhance    Panafon's   presence   in    the    expanding
telecommunication  market and  establish  the  necessary
conditions that will promote the healthy development  of
the  market. We want our company to maintain its leading
position  in the cellular market, benefit from the  full
liberalisation of the telecommuncations market in Greece
and  expand  its  presence in  other  countries  of  the
region.  The  main  principles  that  drive  our  future
development  are healthy growth, efficient  organisation
and  differentiation of our activities in  the  telecoms

The   principal  issues  discussed  during  the  General
Meeting of Panafon's shareholders were:

1)Increase  of  the  company's  share  capital   by
  capitalisation of retained earnings and distribution of
  one (1) new share for one (1) old share. Modification of
  the Article 5 of the Company's Articles of Association
  and Codification of the Articles of Association.

2)Submission  for approval, of the annual  financial
  statements of the sixth fiscal year of the Company from
  1-1-1998  to 31-3-1999, the Management Report  of  the
  Board of Directors for the aforementioned fiscal  year
  and the Report of the Certified Auditors.

3)Submission  for  approval,  of  the  consolidated
  financial statements of the Company for the period from
  1-1-1998 to 31-3-1999 and the relevant management report
  of the Board of Directors and of the Certified Auditors.

4)Distribution of net Dividend of 66 GRD per  share,
  for the fiscal year 1-1-1998 to 31-3-1999. This amount
  is  free from retention taxes (according to the Law N.
  2065/92). From the 30th September the company's  share
  will be traded without the right of dividend reception
  for  the  above  mentioned fiscal year.  The  dividend
  distribution will start on the 20th October 1999, with
  the  remittance  of Alpha Credit Bank  checks  to  the

At a meeting of Panafon's Board of Directors, that  was 
held  directly  before the Annual General  Meeting,  the
Board  approved  a  number of decisions  concerning  the
company's   further  growth.  These  referred   to   the
establishment  of two companies, 'Panafon Services'  and
'Panafon  International', as well  as  the  renaming  of
Panavox  to 'Panafon Commercial S.A.' The activities  of
the  first company will focus on the sales network area,
while those of the second, on the creation and operation
of  networks abroad, as well as the export of  services.
In   addition  the  Board  of  Directors  approved   the
acquisition  of  a  minority stake in  Mobitel  and  the
promotion  of  the negotiations for the  acquisition  of
minority  stakes  in  Viafon and  Citicom.  These  three
companies    are   business   partners   in    Panafon's
distribution network, as are Unifon and Radio-Korassidis
Telecom,  companies  in  which  Panafon  already   holds


George Stefanopoulos
Panafon S.A
Tel: +301 6160061
Lulu Bridges
Tavistock Communications Limited
Tel: 0171 600 2288

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

  Panafon has 256,250,000 shares in issue.

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

3.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 1st July

4.   Panafon's ownership profile is as follows:
  Vodafone AirTouch Plc         55 %
  France Telecom                20 %
  Intracom S.A.                 10 %
  Free float                    15 %

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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