Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announced today that it has reached an agreement with Open Joint Stock Company Vimpel-Communications for the sale of a 90% stake in Armenia Telephone Company CJSC (Armentel), the incumbent telecommunications provider in Armenia. The sale price for the 90% stake in Armentel, subject to closing adjustments, will be Euro 342 million, implying an enterprise value of Euro 420 million (including estimated net financial debt, tax liabilities and other liabilities of approximately Euro 40 million). Closing of the transaction is subject to regulatory and other approvals and is expected to occur during 2006. HSBC Bank plc is the financial adviser to OTE.