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Panafon Hellenic Tel (PFHD)

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Monday 20 September, 1999

Panafon Hellenic Tel

Talks re Possible Offering

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%.

                                                                                                                                                                                                                                             

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