GREEK OTE REVIEWS OPTIONS REGARDING ARMENTEL

Yerevan, April 4. ArmInfo. Hellenic Telecommunications Organization
SA (OTE), the Greek full-service telecommunications provider, today
announced that, after consultation with the Government of Armenia,
it has initiated the process of examining options for the disposal
of its 90% stake in ArmenTel, the incumbent operator in Armenia,
OTE headquarters in the Athens told ArmInfo.

HSBC Bank plc is the financial adviser to OTE. To note, according
to ArmInfo’s data, the company is studying a possibility of selling
the stake to one of the Russian companies engaged in the sphere. The
Armenian Government sold 90% stake of ArmenTel to OTE for 142.5 million
USD in December 1997, the remaining 10% the government reserved.