17 FEBRUARY 2011
EFG Hermes Statement-English
1. EFG Hermes Holding was established in 1984 and has become the leading investment bank in Egypt and the Arab world.
2. The firm’s staff has reached 1,080 employees in the nine Arab countries in which EFG Hermes operates; Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, and the United Arab Emirates. Approximately 35% of EFG Hermes’ total revenues are derived from the firm’s operations in Egypt.
3. The largest shareholders in the firm include local, regional and international institutions and investment funds, on top of which are the sovereign wealth funds in Dubai and the government of Abu Dhabi. The firm has more than 11,000 shareholders and is listed on the Egyptian Exchange (EGX) and London Stock Exchange (LSE).
4. EFG Hermes Holding confirms that Mr. Gamal Mubarak does not own a stake in EFG Hermes Holding, nor is he a shareholder in any of the firm’s local or foreign investment funds.
5. EFG Hermes Holding further notes that its relationship with Mr. Gamal Mubarak is limited to his 18% ownership stake in a subsidiary of the Firm, specifically EFG Private Equity. This relationship began — and was made public — in 1997, before Mr. Mubarak embarked upon his political career. EFG Private Equity generates no more than 7% of EFG Hermes Holding’s total group revenues. Mr. Gamal Mubarak’s share of dividends over the past three years did not exceed 10% of figures that have recently been alleged by some publications.
6. EFG Hermes Holding does not manage any funds or portfolios for the family of the former president of Egypt.
7. EFG Hermes Holding has received a statement from its executives confirming that they have no direct or indirect personal or financial ties to the former president nor to members of the former president’s family, neither locally nor globally
8. Neither EFG Hermes Holding nor any of the funds it manages have received special privileges or consideration from the Egyptian government. The firm has always operated under legal and transparent best practices that befit the vital sector in which it operates.