Successful Greek Wireless Global Public Offering
Confirms Value of Bell Atlantic Investment
June 4, 1998
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
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.