PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A.
20 September 1999
NOT FOR RELEASE OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA OR JAPAN
PANAFON - FRANCE TELECOM JOINT PRESS RELEASE
Panafon Hellenic Telecommunications Company S.A.
('Panafon') and France Telecom S.A. ('France Telecom')
announce that they are holding discussions regarding a
possible offering or an issue of an exchangeable bond by
France Telecom of all, or part of its remaining 20%
equity stake in Panafon. France Telecom sold a 15% stake
in November 1998 at the Initial Public Offering of the
Company on the Athens and London Stock Exchanges. France
Telecom is now contemplating the sale of a further stake
through an offering or an issue of an exchangeable bond,
which would significantly increase Panafon's free float,
improve the liquidity of the shares and enhance its
profile as one of the leading stocks on the Athens Stock
Exchange. France Telecom is the second largest
shareholder in Panafon after Vodafone AirTouch Plc
('Vodafone AirTouch'), which owns 55% of the Company.
Panafon, as the leading cellular operator in Greece in
terms of revenues and profitability, has proved to be one
of France Telecom's most successful investments in the
cellular sector. The Company posted 55% growth in
revenues and 36% growth in profit before tax for the
fifteen-month period ending March 31, 1999. With a
subscriber base in excess of 1.4 million customers and a
unique distribution network totalling 2,200 retail
outlets, Panafon is well positioned to continue
delivering strong financial growth and profitability as
well as shareholder value in a highly competitive
environment.
Contact: Contact:
George Stefanopoulos Estelle Rozine
Panafon S.A France Telecom S.A.
Tel: +301 6160061 Tel: +331 4444 9393
Tavistock Communications
Lulu Bridges
Tel: +44 171 600 2288
Capital Link Inc
Nick Bornozis
Tel: +212 661 7566
Notes to Editors:
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.
Panafon has 256,250,000 shares in issue.
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).
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 July 1st, 1993.
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
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/ASE 20, FTASE, 3.267%. Bloomberg Europe,
BE500, .140%.
BBG Eur Telecom, BETELES, 1.190%. BBG Europ Techn,
BETECH, 1.237%.