PHILADELPHIA — Greek wireless service provider STET Hellas Telecommunications S.A. (NASDAQ: STHYV), a Bell Atlantic investment, Wednesday announced a global public offering of 11 million ordinary shares in the form of American Depositary Shares (ADSs) on NASDAQ or Dutch Depositary Receipts (DDRs) on the Amsterdam Stock Exchange. At the end of its first day of trading, shares in STET Hellas increased 21.3 percent from the original offer price of US$27, ending the day at US$32.75. Based on the closing share price, STET Hellas has a market value of US$2.4 billion.
Bell Atlantic holds a 20 percent ownership in STET Hellas and did not reduce its position.
"The success of this offering confirms the tremendous value of STET Hellas and all the investments in our wireless portfolio," said Tom Bartlett, president and CEO of Bell Atlantic International Wireless. "Our investment in STET Hellas also supports our global wireless portfolio's targeted 20 percent to 30 percent contribution to Bell Atlantic earnings growth in 1998 and beyond."
All ADSs and DDRs are being offered and sold by STET Mobile Holding N.V. STET Hellas will not receive any proceeds from the offering. J.P. Morgan Securities Ltd. is the offering's global coordinator.
STET Hellas is a leading provider of mobile telecommunications services in Greeece and was established in July 1992 to set up and operate one of the two GSM (Global System for Mobile) digital networks in Greece. STET Hellas operates under the brand name "Telestet." In 1997, STET Hellas had total operating revenues of US$293 million and 390,000 customers.
Bell Atlantic is one of the world's largest wireless communications companies, with domestic operations in 25 states and international investments spanning Latin America, Europe, and Asia. For information on global operations, visit http://www.bellatlantic.com/worldwide.