AGM Statement

RNS Number:9619K
EFG-Hermes Holdings SAE
12 May 2003




Press Release                                               Cairo, 12th May 2003

                               EFG-Hermes Holding AGM


EFG-Hermes Holding held its annual general assembly yesterday the 11th of May
2003 at the Company's headquarters in 58 Tahrir St. Dokki, Giza.  The AGM
approved the following:



  * The Board of Directors report on the Company's activities for 2002.

  * The auditor's report for the fiscal year ending 31/12/2002.

  * The Company's financial statement for the year ending 31/12/2002.

  * No dividend distribution for 2002 as proposed by the Board of Directors.

  * Releasing the Chairman and the Board of Directors from actions and 
    responsibilities for the year ending 31/12/2002.

  * Waiving the Board of Directors' allowances for fiscal year 2003.

  * Renewing the appointment of KPMG (external auditor) for fiscal year 2003.

  * Authorizing the Board of Directors to decide on the company's donations for 
    2003 in accordance to regulations.

  * Confirming the Board of Directors' new structure which entails accepting the 
    resignation of Mr. Aladdin Saba, and Mr. Aly El Tahri, and the appointment 
    of Dr. Mahmoud Mohie El Din, and Mr. Walid Kaba, both representing CIIC
    (Commercial International Investment Company).


For further information please contact:

Faris Abdulrazzaq

Investor Relations Manager

Tel: [phone]

Fax: [phone]

[e-mail]

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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