Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announces that its 100% subsidiary Cosmote completed the acquisition process of a 12.6%, stake held by the Albanian State, in its subsidiary AMC following the approvals of the relevant authorities in Albania. The cash consideration for the above capital stake stands at euro 48.2 mn.

Following the official conclusion of the transaction, Cosmote owns directly or indirectly (through its 97% owned subsidiary COSMO-HOLDING ALBANIA S.A.) a 95% stake in AMC.

About AMC

AMC, member of Cosmote Group since 2000, launched commercial operations in 1996, being the first mobile telecommunications company to operate in Albania. Today, AMC has a customer base of 1.4 million (December 2008). In 2008 AMC's revenues reached euro 191.3 mn. The company?s EBITDA margin stood at 64.7%, one of the highest in Europe.