According to the Legislation of the HCMC, we announce the agreement of sale of GERMANOS SA stakeholding of 20% in SILKWAY HOLDING BV ( It is reminded that Silway Holding owns 100% of Unitel LLC in Uzbekistan).

GERMANOS S.A. states that it has proceeded with the execution of an agreement with the listed on the New York Stock Exchange, Russian company Vimpel-Communication ("VimpelCom") for the sale of the 20% stake it holds in the mobile telephony company UNITEL LLC ("UNITEL") in Uzbekistan.

Vimpel-Communications company acquires 100% of the mobile telephony company UNITEL LCC at a total acquisition price of $ 200 million, plus assumptions of net debt. At the end of 2005, Unitel had approximately US$ 3.5 million in net debt and is expected to have approximately US$ 13.4 million in net debt at closing due to its ongoing capital investment program. In the equity structure of UNITEL participate GERMANOS SA, the European Bank for Reconstruction and Development and Mr. Panos Germanos. Therefore, for the 20% stake owned by GERMANOS S.A., the latter will proportionately receive $ 40 million. It is noted that GERMANOS S.A. had acquired the aforementioned stake on September 15th 2004 and for a total value of $ 14.7 million.

Unitel company holds national GSM-900 and 1800 licenses. Unitel currently serves approximately 364.000 subscribers, representing, according to the company's estimates, a 31% market share in Uzbekistan.

The closing of the acquisition of Unitel by VimpelCom is subject to approval from the relevant authorities of Uzbekistan and is expected to be completed by mid-February of 2006.

GERMANOS S.A. and Vimpel-Communications company will examine further opportunities for collaboration.

Mr. John Karagiannis, Chief Executive Officer of the GERMANOS Group of Companies stated "As stated in the past, our participation in Uzbekistan resulted from a remarkable midterm investment opportunity. We are very satisfied with the outcome of this investment, which fulfilled the commitments we made towards our shareholders and brought significant profits to our company".