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Athens News Agency: Daily News Bulletin in English, 98-10-23

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Europarliament votes to eliminate frozen credits earmarked for Turkey
  • [02] Karamanlis satisfied over local gov't results, ND won't rest on laurels
  • [03] Pangalos arrives in Moscow for bilateral talks
  • [04] New navy landing vessel launched
  • [05] Simitis in Austria tomorrow for EU summit
  • [06] Simitis-Burns meeting
  • [07] Violations by Turkish warplanes attempt to disrupt Greece-Cyprus manoeuvres
  • [08] NATO denies press report claiming espionage arrest at alliance headquarters
  • [09] Int'l conference on Med cooperation,development opens in Alexandroupoli
  • [10] Gov't on FYROM elections
  • [11] Political leadership turns out for film premiere
  • [12] Greece urges Albania to stem flow of criminal elements,activities
  • [13] OTE flotation presented in New York
  • [14] Capital Market Commission head Thomadakis: New law will upgrade bourse
  • [15] IOBE: Greece's prospects for EMU accession declined in recent months
  • [16] Parliament approves bill on Land Register
  • [17] Stocks end higher
  • [18] Panafon, Telestet focus on ASE listing
  • [19] Hellenic Bottling-Athinaiki purchase majority share of FYROM bottler
  • [20] Subscription for Hellenic Technodomiki
  • [21] Small increase in Alpha Credit net profits

  • [01] Europarliament votes to eliminate frozen credits earmarked for Turkey

    STRASBOURG 23/10/1998 (ANA - H. Haralampopoulos)

    The European Parliament yesterday adopted an amendment by the Budget Committee eliminating credits earmarked for Turkey from the EU's budget reserves, citing a lack of legal ground.

    In the past, such credits to Turkey were "frozen", pending acceptance of terms and conditions set by the Union. Eurodeputies voted 365 for the amendment, 165 against, while 10 abstained.

    PASOK Eurodeputy Yiannis Roumpatis said that the vote proved that Euro-MPs were not willing to "overlook human rights violations, the oppression of the Kurdish people, the dissolving of every sense of democracy and the threatening attitude of Turkey to ward a member-state, in the name of expediency."

    Main opposition New Democracy Eurodeputy Timos Christodoulou said that yesterday's vote should not lead us to joyful celebrations, since the Council of Ministers can create the legal grounds, thereby overturning the decision of the Euro-Parliament.

    He added that what is important for Greece is to decide what policy it will follow within and outside the Union,so as not to provide arguments to the Commission, which yesterday approved a financial protocol towards Turkey, claiming that Greece accepted such decisions at the Cardiff summit.

    On his part, Coalition for the Left and Progress (Synaspismos) Eurodeputy Alekos Alavanos said that EU Commissioner Hans van den Broek and the Commission as a whole yesterday received a strong political answer from the Europarliament in regards to Turkey's funding.

    Mr. Alavanos added that he hoped the Europarliament will in the same way discard the "new regulations of the Commission".

    Gov't reaction : Greece reiterated yesteday that it would react strongly if the European Commission's decision to approve a 150-million-ecu package of economic aid to Turkey was ratified by the EU Council of Ministers.

    The Commission's plan, put forward by Mr. van den Broek and adopted on Wednesday, circumvents a standing Greek veto by introducing a new regulation terming Turkey a developing country, which requires only a special majority for approval by the Council of Ministers.

    Greek objections to date have been successful in preventing disbursement, as the package was envisaged as aid to an associate member in preparation for membership, which requires unanimity.

    The foreign ministry quickly responded on Wednesday with a statement saying Greece would refer the Commission to the European Court without delay.

    Replying to reporters' questions yesterday, government spokesman Dimitris Reppas attributed the Commission's decision to "expe-diencies" and warned that Greece's reaction would be a strong one if the decision was approved by the Council of Ministers.

    While saying that Greece's reaction would be without delay, the spokesman did not clarify whether it would be before the decision of the Council, which is due to meet in November.

    Mr. Reppas said that EU member-states promoted their own interests in a manner which was on many occasions "forceful and extreme" and that Greece, having the same rights as its partners, intended to do exactly the same.

    The Commission's decision, he continued, was not in line with the fixed rules and the principles underlying the operation of the EU.

    He spoke of "contradictory and nebulous" arguments used by the Commission which created a different legal and political framework of operation for EU bodies.

    Mr. Reppas stressed that the decision ran contrary to the decisions taken at the last two EU summits in Cardiff and Luxembourg and revealed contradictions in EU policy towards Turkey.

    At this point, Mr. Reppas described the decision as one of expediency, which, he said, should not be allowed to prevail over the principles of the EU's operation.

    The foreign ministry statement yesterday said: "Dealing with Turkey on the basis of two criteria, as an EU associated member (Legal Basis 235), and at the same time as a developing country (Legal Basis 130 W), constitutes, if nothing else, a curious and legally disputable option,".

    The statement further stressed that far from facilitating the European vocation of certain countries, methods such as the one employed by the Commission placed obstacles in the way of their goals, diverting them from the correct course which would lead them to the European family.

    Asked by reporters about the way in which Greece would react, Mr. Reppas declined to give details, but spoke in terms of making the most of the European Parliament which, he said, was already "on a different wavelength" than the Commission.

    At the same time, he added, Greece will increase its bilateral contacts in order to promote the country's national interests in the most effective way.

    Replying to another question, Mr. Reppas said Greece's isolation was temporary, while adding that Athens would not accept Turkey's attitude and behaviour to be adopted by the EU.

    "European Turkey is one thing but Turkish European Union quite another," he said.

    The Greek spokesman reiterated that Greece was in favour of Turkey's European vocation but at the same time wanted fulfilment of the conditions laid down by European bodies.

    At both Luxembourg and Cardiff, the EU told Ankara that the release of Community funds under the Fourth Financial Protocol would depend on whether it made any progress in its human rights record and stopped having an aggressive stance towards Greece.

    ND : On his part, main opposition New Democracy leader Costas Karamanlis said Greece is "in danger of being defeated once again," while touching on the issue of the Greek veto against the EU financial protocol for Turkey.

    He added that the non-accession of Greece to the Economic Monetary Union (EMU) proves that Athens has been left alone and vulnerable.

    Athens News Agency

    [02] Karamanlis satisfied over local gov't results, ND won't rest on laurels

    Athens 23/10/1998 (ANA)

    Main opposition New Democracy party leader Costas Karamanlis said the results of the municipal and prefectural elections were very satisfactory, adding that according to results ND is the first party in strength and is following a continuous upward trend.

    He also called on all ND deputies and cadres to intensify efforts to ensure that ND will succeed in its targets. Chairing a meeting of his party's Parliamentary group yesterday, Mr. Karamanlis said that his party is not jubilating or celebrating over the results and is insisting on not guiding and manipulating those who were elected with support by ND, while at the same time it is aiming at good cooperation and understanding with all the elected mayors and prefects.

    Mr. Karamanlis said that with their votes the citizens sent a strong message of disapproval to the government which is unable to proceed with the necessary incisions and structural changes which the country is in need of.

    He said that the government's behaviour, and that of Mr. Simitis personally, both before and after the elections proves that it is dangerously isolated from Greek society.

    Mr. Karamanlis said that the dividing lines of the past have collapsed and local societies rejected narrow party instructions. Replying to accusations of unholy alliances being made, he said that strong social alliances were created which were not the result of bargaining, negotiations or summit agreements.

    "Those who imagine such things prove that they have a 19th century mentality, while the citizens want politicians who will express the 21st century," he said.

    Mr. Karamanlis said that ND's responsibilities are becoming greater and are multiplying. He called on all cadres to realise the burden of responsibility falling on ND's shoulders and to become better, more qualitative and to express a more persuasive political speech.

    At the same time, he called on them to intensify efforts in regional areas and to stand by all citizens to make the party's message clearer and easier to assimilate.

    Athens News Agency

    [03] Pangalos arrives in Moscow for bilateral talks

    MOSCOW 23/10/1998 (ANA - D. Konstantokopoulos)

    Foreign Minister Theodoros Pangalos arrived in Moscow yesteday for talks with the new Russian government including the situation in the Balkans and Greek-Russian economic cooperation.

    He will also sign two cooperation agreements, one on cooperation between the foreign ministry archives of the two countries, and one on mutually upgrading each other's consulates.

    Mr. Pangalos arrived in Moscow after a one-day visit to Chisinau, Moldova, where he had similar talks with the Moldovan government.

    The Chisinau talks with the president, prime minister, foreign minister and parliament president of Moldova focussed mainly on bilateral realtions, EU- Moldova relations, and regional issues.

    During the talks, Greece and Moldova agreed on an exchange of visits of their respective national economy ministers and groups of businessmen aimed at expanding trade between the two countries, which they said was at a very low level, just a few million dollars.

    At present there are 33 Greek enterprises active in Modova, while the Commercial Bank of Greece recently opened a branch there.

    Greek companies have undertaken the construction of a petrol terminal on the Danube, while Greek private telecom Intracom has organised the Lotto numbers lottery in Modlova and the Hellenic Bottling Company (3E) has opened a Coca-Cola bottling plant.

    Moldova has been suffering the consequences of the Russian economic crisis, as 60 percent of its exports are directed to the Russian market. Chisinau wants to broaden relations with the European Union and become an associate member, something that Brussels considers to be premature.

    Moldova is also interested in participating in various Balkan conferences as an observer.

    The president of Moldova expressed concern to Mr. Pangalos over the problems faced by Moldovan illegal immigrants in Greece -- seasonal workers as well as women becoming involved in prostitution rings.

    The Greek side outlined Athens' policy on the legalisation of illegal immigrants, adding that the imminent operation of a Moldovan consulate in Greece would enable better protection of Molodvan women falling victims to prostitution rings.

    Moscow visit : Speaking in Moscow at a joint press conference with Mr. Pangalos, Russian Foreign Minister Igor Ivanov issued a strong warning to what he called Albanian "terrorists" in the Serbian province of Kosovo to conform with the decisions of the United Nations an d the six-nation Contact Group on the Balkans.

    Mr. Pangalos too expressed concern at the recent upsurge in military activities of the ethnic Albanian Kosovo Liberation Army.

    The Contact Group this week sent a letter to Kosovo Albanian separatist leader Ibrahim Rugova calling on the Albanian side to abide by UN resolutions demanding that both sides stop fighting.

    The letter said the resolutions were directed at both the Albanian side and Belgrade "in their full force".

    Mr. Ivanov, whose country - along with the US, Britain, Germany, Italy and France - is a member of the Contact Group, reiterated this position on Thursday.

    He called on all parties involved in the Kosovo crisis to use UN and OSCE channels in order to find a solution.

    Agreeing with Mr. Ivanov, Mr. Pangalos underlined the need for "balanced rather than one-sided initiatives", adding that it had been necessary to discourage the use of "excessive force" by Belgrade while taking measures to prevent "terrorist acts" by th e Albanian side.

    "The one-sided position of certain countries is responsible for the situation which has now been created," Pangalos said.

    Mr. Ivanov and Mr. Pangalos signed two protocols, one providing for the establishment of a Greek general consulate in Moscow and a Russian one in Greece, and the other for the preparation and joint issuing of a collection of documents from the histori cal archives of the two countries' foreign ministries.

    Pangalos described as "excellent" relations between the two countries, stressing the "systematic nature" of their political cooperation and identity of views on many problems facing the international community.

    He said the essence of these common positions consisted in "the pursuit of balance, stability and the peaceful settlement of problems within the framework of international law and international organisations".

    Mr. Ivanov too described the two countries' economic cooperation as successful despite a number of difficulties.

    He referred to the increase in bilateral economic exchanges anticipated this year and the major joint projects in the energy and defence sectors.

    Mr. Pangalos thanked Russia for its positions and actions in support of a just and viable solution to the Cyprus problem, describing Moscow' stance on the issue as "a model for international behaviour."

    Athens News Agency

    [04] New navy landing vessel launched

    Athens 23/10/1998 (ANA)

    National Defence Minister Akis Tsohatzopoulos yesterday said that five new Hellenic Navy landing vessels will cover the armed forces' need for continued and stable sea transport of personnel and military equipment.

    Mr. Tsohatzopoulos' statements came during the launching of the navy's newest landing ship, delivered yesterday at the Elefsina shipyards.

    The new vessel, "Ikaria", will be inducted by 1999, while its sister vessel, "Lesvos", will be inducted within the first few months of 1998.

    These "Samos" type ships can trasport 17 amphibious vehicles, 15 trucks, a helicopter and 245 troops.

    Meanwhile, talks were expected to begin between the general armaments directorship and the Elefsina Shipyards for the construction of three torpedo boats and a fuel trasport ship, while based on a separate decision of the Government Council of Foreing A ffiars and Defence (KYSEA), the Skaramanga Shipyards will build submarines for the navy in cooperation with a foreign shipyard.

    Athens News Agency

    [05] Simitis in Austria tomorrow for EU summit

    VIENNA 23/10/1998 (ANA - D. Dimitrakoudis)

    Prime Minister Costas Simitis leaves tomorrow for Austria, the current holder of the revolving six-month EU presidency, to participate in an unofficial two-day summit of European Union leaders in the town of Poertschach.

    The summit, which will focus on the future of Europe, will also be attended by newly elected German Chancellor Gerhard Schroeder and new Italian PM Massimo d'Alema.

    Athens News Agency

    [06] Simitis-Burns meeting

    Athens 23/10/1998 (ANA)

    Prime Minister Costas Simitis received US ambassador to Athens Nicholas Burns at the former's office at noon yesterday.

    According to government spokesman Dimitris Reppas, the meeting was held at the request of the US ambassador and concerned Greek-US relations.

    National Defence Minister Akis Tsohatzopoulos also met with Mr. Burns.

    Sources said that Mr. Tsohatzopoulos informed the ambassador of the Turkish air force's activities in the region between Rhodes, Crete and Cyprus, where Greece and Cyprus conducting a joint military exercises.

    Athens News Agency

    [07] Violations by Turkish warplanes attempt to disrupt Greece-Cyprus manoeuvres

    Athens 23/10/1998 (ANA)

    An unprecedented number of Turkish fighter jets on Thursday violated Greek and Cypriot air space during an ongoing joint military exercise between Greek and Cypriot forces.

    The violations coincided with the Greek military exercise, code-named "Toxotis", and the Cypriot National Guard exercise "Nikiforos", in the sea region between Rhodes, Crete and Cyprus.

    The manoeuvres are taking place within the framework of the two countries' joint defence doctrine.

    According to reports, 80 Turkish warplanes, mostly F-16s, infringed on Athens Flight Information Region (FIR) and Nicosia FIR regulations in an attempt to obstruct flights to Cyprus by Greek fighter jets participating in the exercises. On all occasions , the Turkish jets, all of which were reportedly armed, were intercepted by Greek jets.

    Meanwhile, Greek fighters and bombers took part in yesterday's third day of the "Nikiforos '98" exercise.

    A total of four F-16 fighter jets and two A-7 Corsair bombers flew over Nicosia, while fighters hit mock targets in the Nicosia area and will, at a later phase use live ammunition during the manoeuvres, which end on Sunday.

    The joint defence pact between Cyprus and Greece provides for Greek air, sea and land cover in case of a fresh Turkish offensive against Cyprus.

    Athens News Agency

    [08] NATO denies press report claiming espionage arrest at alliance headquarters

    BRUSSELS 23/10/1998 (ANA - M. Spinthourakis)

    NATO officials categorically denied a recent report in a US magazine whereby a Greek military official posted at the alliance had been detained for passing confidential documents to Yugoslavia regarding NATO plans for a strike in Kosovo.

    NATO press attache in Brussels Jamie Shea told the ANA that the report was "completely untrue and groundless."

    He made the comments following an investigation into the report, ordered by NATO Secretary-General Javier Solana.

    Athens News Agency

    [09] Int'l conference on Med cooperation,development opens in Alexandroupoli

    Athens 23/10/1998 (ANA)

    Delegates from 35 countries, observers from another 45 and various ministers are convening in Alexandroupoli, northern Greece, as of yesterday within the framework of the 3rd International Conference on Mediterranean Cooperation and Development.

    The event was inaugurated by Alternate Foreign Minister George Papandreou.

    In his address, Mr. Papandreou stressed the special significance attributed by Greece to cultural issues, believing that the human dimension of cooperation and the promotion of the role played by non-governmental organisations and the society of citizens constitute a safe path for the building of confidence and solidarity between peoples in the region.

    Referring to cooperation between the peoples in the region, he said that its target must be the exploitation of the comparative advantages possessed by the specific region for its development and its turning into a strong competitive pole.

    "The basic innovation in Euro-Mediterranean cooperation is that it exceeds the traditional inter-state framework of relations between the north and south, introducing the 'partnership relationship', the promotion of an inter-regional form of cooperation , the involvement of non-governmental organisations as well as the overall promotion of the human factor in handling modern problems preoccupying the Euro-Mediterranean area in their entirety," he said.

    Mr. Papandreou said that structural weaknesses, the worsening of the economic situation, as well as the demographic explosion, frequently lead to social tensions, an increase in the emigration wave, the strengthening of Islamic fundamentalism and the use of political force.

    Securing conditions of law and order, strengthening trade transactions, securing conditions of an open economy which will be based on the principles of the free market and attracting international investments of prestige, both by securing conditions of political and economic normalcy and the provision of incentives, are those basic preconditions, according to main opposition New Democracy party leader Costas Karamanlis, for the countries in the wider Mediterranean and Balkan region to develop speedily.

    In his message to the 3rd International Conference, Mr. Karamanlis is appealing to the government and urging it to support efforts by private enterprise which is in a position to help and speed up the development rate of the countries in question.

    Athens News Agency

    [10] Gov't on FYROM elections

    Athens 23/10/1998 (ANA)

    Greece considers the successful conduct of democratic elections in the neighbouring Former Yugoslav Republic of Macedonia to be a positive development but will wait for the second round of voting before making any statement, the government said yesterday.

    Government spokesman Dimitris Reppas said, however, that Greece's foreign policy was guided by the need for peace, friendship and cooperation.

    Athens desires the best possible relations with Skopje to the mutual benefit of both peoples, he said.

    He added that Greece had taken specific steps to overcome problems in bilateral relations and expected that the new government in Skopje would do the same.

    In the first round of voting in FYROM on Sunday, the right-wing opposition the VMRO DPMNE - Democratic Alternative (DA) bloc received the majority of seats, giving it the opportunity to form a government.

    The second round will be held on November 1.

    Athens News Agency

    [11] Political leadership turns out for film premiere

    Athens 23/10/1998 (ANA)

    President of the Republic Kostis Stephanopoulos attended the Athens premiere yesterday of film director Theo Angelopoulos' "Eternity and a Day", which officially opens in local theatres today.

    The movie earned the Greek director his first Palme d' Or award at this year's Cannes Film Festival.

    Several political leaders, including PM Costas Simitis and main opposition leader Costas Karamanlis, also attended.

    Athens News Agency

    [12] Greece urges Albania to stem flow of criminal elements,activities

    Athens 23/10/1998 (ANA)

    Athens yesterday urged Tirana to step up measures to curb the activity and ease of movement of Albanian crime figures in Greece.

    Increasing criminal activity by Albanian nationals in Greece was the focus of talks between Public Order Minister George Romeos and his Albanian counterpart Petro Koci, in Athens on Mr. Romeos' invitation. Mr. Koci is accompanied by a delegation from the Albanian public order ministry.

    He was presented with figures from the Greek ministry showing the number of crimes committed by Albanians and was urged to take more effective measures to police borders.

    Officials from both countries discussed the benefits that would accrue in the fight against crime and illegal immigration by the posting of liaison officers in each other's ministry.

    A Greek official has already been posted to the Albanian ministry and an Albanian appointment to the Greek ministry is expected shortly.

    The delegations also discussed the broad outlines of a protocol of cooperation to define the duties of the liaison officers.

    According to ministry sources, around 70 per cent of a dramatic increase in armed robberies and break-ins recently is due to the activity of foreigners in Greece, primarily Albanians and Romanians. Albanian nationals have also been blamed for an in crease in assaults on taxi drivers.

    Mr. Romeos said earlier this year that illegal immigration to Greece had led to a dramatic increase in crime, although he denied claims from opposition MPs that it had taken on "epidemic proportions."

    Athens News Agency

    [13] OTE flotation presented in New York

    NEW YORK 23/10/1998 (ANA)

    Hellenic Telecommunications Organisation (OTE) managing director Giorgos Chrysolouris yesterday launched the presentation of the organisation's 10 percent flotation in the New York Stock Exchange to more than 70 institutional investors of North America, managing more than $6 trillion.

    Yesterday's presentation of the issue, which will be managed by Salomon Smith Berney, the National Bank of Greece and Credit Suisse First Boston, was on the whole positively received.

    The flotation will take simultaneously on November 2 in Greece, the US and Canada, while the price range will be announced on Sunday, October 25.

    Public subscription in Greece will tgake place between October 26 and 30, on the basis of the share's highest price.

    Athens News Agency

    [14] Capital Market Commission head Thomadakis: New law will upgrade bourse

    Athens 23/10/1998 (ANA)

    Capital Market Commission President Stavros Thomadakis said yesterday that the new law ratified on Wednesday concerning the capital market helps the local stock exchange market acquire greater depth since it opens the bourse's path to new dynamic sectors and companies with considerable prospects.

    It also establishes better transparency and security conditions for investors in connection with the negotiating of shares. Mr. Thomadakis also placed particular emphasis on increased protection which the new institutional framework will provide for the investing public.

    He paid particular attention to Article 12 in the new law which regulates liquidation issues concerning stock broker companies, while the status existing to date was vague.

    From now on the Capital Market Commission will appoint a liquidation administrator who will be taking measures to ensure that compensation for investors proceeds immediately.

    Mr. Thomadakis also said that according to articles 16 and 17 in the new law the share capital of the Order Receiving and Transmission Companies (ELDE) will increase to 60 million drachmas from 30 million drachmas at present and brokerage companies will have the right from now on establish offices for the receipt and transfer of instructions since they will be in a position to create their own subsidiary ELDE.

    Athens News Agency

    [15] IOBE: Greece's prospects for EMU accession declined in recent months

    Athens 23/10/1998 (ANA)

    Greece's prospects of joining a Economic and Monetary Union have declined compared with the previous months of 1998, the Institute for Economic and Industrial Research (IOBE) said in its latest quarterly economic report.

    The report said that "the Greek economy is on track to participate in EMU, although its chances were lower compared with the previous months."

    IOBE's reservations referred mainly to the possibilities of achieving the inflation and interest rates criteria.

    The institute notes that Greece needed structural reforms in privatisation and liberalising domestic markets.

    The government, although acknowledging the need for such changes, faces difficulties in implementing the right policies because it is caught in a cross-fire, it said.

    "On the one hand is the need for real economic convergence and on the other, political opposition inside and outside the government," the report said.

    Stock market's prospects remain positive, despite a negative international situation, on the condition that a current international market volatility will not deteriorate, it said.

    IOBE predicted that the outcome in recent municipal elections would increase difficulties in implementing a structural reforms programme in Greece.

    Athens News Agency

    [16] Parliament approves bill on Land Register

    Athens 23/10/1998 (ANA)

    Parliament voted in principle a bill on drafting the country's first ever land register submitted by the Environment, Town Planning and Public Works Ministry.

    The draft bill provides for the organisation of all legal, technical and other information on all property in Greece.

    All political parties voted in favour of the bill except the Communist Party of Greece (KKE), which said that the project was not capable to help in the country's development.

    Environment, Town Planning and Public Works Minister Costas Laliotis pledged that the land register project would be included in a third Community Support Framework.

    He said he expected the project to absorb 200 billion drachmas in EU funds in the period 2000-2006.

    He noted that since 1836 the state has voted almost 4,000 bills and decrees but the country has not yet managed to develop a full land register.

    Mr. Laliotis said that the project has created 9,500 new jobs with an average employment period of 24-30 months.

    Athens News Agency

    [17] Stocks end higher

    Athens 23/10/1998 (ANA)

    Greek equities ended higher on the Athens Stock Exchange although some profit taking slowed the market's advance.

    The general index ended 0.44 percent higher to 2,097.05 points in thin turnover of 35 billion drachmas. Volume was 11,001,000 shares.

    Sector indices were mixed. Banks rose 0.85 percent, Insurance fell 0.10 percent, Investment increased 2.0 percent, Leasing dropped 2.30 percent, Industrials fell 0.15 percent, Construction eased 0.20 percent, Miscellaneous jumped 2.26 percent and Holding rose 1.35 percent.

    The parallel market index for small cap companies ended 0.87 percent up.

    Broadly, advancers narrowly led decliners by 122 to 117 with another 17 issues unchanged.

    Strintzis, Teletypos, Boutaris and Duty Free Shops were the most heavily traded stocks.

    Aspis Invest, Radio Athina, Boutaris, Radio Korasidis, Duty Free Shops and Fourlis scored the biggest percentage gains hitting the daily 8.0 percent limit up.

    Klaoudatos, Eskimo, Yalko, Bank of Central Greece, Vernicos Yachts, Bitros, Klonatex, Doudos and Piraeus Leasing suffered the heaviest losses.

    National Bank of Greece ended at 38,150 drachmas, Ergobank at 23,850, Alpha Credit Bank at 21,010, Ionian Bank at 10,440, Hellenic Telecoms at 6,440, Delta Dairy at 3,140, Intracom at 10,400, Titan Cement at 17,290, Hellenic Petroleum at 2,400 and Minoa n Lines at 5,750.

    Athens News Agency

    [18] Panafon, Telestet focus on ASE listing

    Athens 23/10/1998 (ANA)

    Two out of the three mobile phone operators in Greece, Panafon and Telestet, have entered the final stages for potential listing on the Athens Stock Exchange.

    Panafon, joining through public subscriptions, is taking advantage of a new legal framework and is estimating that approval procedures will be expedited to allow for public subscriptions in mid November.

    Telestet will not join through public subscriptions since the multinational subsidiary is using the legal framework for simultaneous introduction of shares already introduced in the several other EU member-states' bourses.

    Panafon announced a 62.7 per cent increase in consolidated revenues for the first half of 1998, while turnover reached 90.4 billion drachmas, corresponding to 69.1 per cent of total revenue for 1997 (130.8 billion drachmas).

    The consolidated financial data include Panavox, after Panafon bought all of its shares in December 1997.

    The third mobile phone operator is Cosmote, a subsidiary of the Hellenic Telecommunications Organisation (OTE).

    Athens News Agency

    [19] Hellenic Bottling-Athinaiki purchase majority share of FYROM bottler

    Athens 23/10/1998 (ANA)

    The Hellenic Bottling Company and Athinaiki Brewery have signed an agreement with the AD Pivara Skopje company for the purchase of 51 per cent of that company's shares.

    3E has sent a letter to the Athens Stock Exchange notifying of the development.

    The Pivara company produces and sells Coca Cola products (Coca Cola, Fanta and Sprite) and the Scopcko and Star Lisec beers in Former Yugoslav Republic of Macedonia (FYROM).

    Pivara's products hold the biggest percentage of the market in FYROM.

    Athens News Agency

    [20] Subscription for Hellenic Technodomiki

    Athens 23/10/1998 (ANA)

    Subscription for a 15.4-billion-drachmas increase in Hellenic Technodomiki's equity capital were completed yesterday and a total 11 million new common registered shares of a face value of 210 drachmas each and a sale pice of 1, 400 drachmas per share will be issued.

    Hellenic Technodomiki is listed with the Athens bourse as a construction company, while in 1997 led the tunover list, including the turnover from joint ventures (32.5 billion drachamas) and placed fifth in pre-tax profits (2.4 billion drachmas) among li sted construction companies.

    Athens News Agency

    [21] Small increase in Alpha Credit net profits

    Athens 23/10/1998 (ANA)

    Net profits for Alpha Credit Bank amounted to 65.9 billion drachmas during the first nine months of the current year, a small increase compared to corresponding profits in 1997 - 64.3 billion drachmas.

    However, profits of the last three months, July 1-Sept. 30, showed an increase of 20 per cent as against the corresponding period in 1997 and reached 26.4 billion drachmas.

    Total assets amounted to 3.76 trillion drachmas compared to 3.37 trillion drachmas in the corresponding period in 1997, an increase of 11.4 per cent.

    Deposits totalled 2.73 trillion drachmas as against 2.31 trillion drachmas on the corresponding date in the previous year (an increase of 18.2 per cent).

    Loans amounted to 1.49 trillion drachmas as against 1.17 trillion drachmas as at Sept. 30 1997, an increase of 26.5 per cent.

    Athens News Agency

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