Reporter.gr , Greece
March 16 2005

Greece: OTE acquires 48,6% of Hellas Com

12:01 – 16 March 2005 – The CEO of OTE held meetings with Armentel
management and government officials in Armenia yesterday. The agenda
included developments on mutually withdrawing arbitration proceedings
on previous years’ disputes, as it was agreed in November 2004.

Note that OTE has stated in the past its intentions to sell its stake
in Armentel though updated strategic plans have not yet been
provided.
Meanwhile, OTE is reportedly considering acquiring the minorities
(48.6%) of Hellas Com subsidiary, in which Intracom and Siemens both
participate with stakes of 15%.