Muscat, March 9: The annual general meeting (AGM) of the unitholders of Muscat Fund approved a cash dividend of 50 baisa per unit for the financial year 2008. The AGM approved the chairman’s statement; investment manager’s statement; auditor’s report, audited balance sheet and statement of income for the year ended 31 December 2008, besides related party transactions and appointment of statutory auditors for the financial year ending 31 December 2009.

Muscat Fund, rated A, is one of the two mutual funds in Oman to be rated by Standard & Poor’s. Both the mutual funds rated by S & P are managed by the Asset Management Division of BankMuscat.

Muscat Fund, launched in 1995 and regulated by the Capital Market Authority, is the first and only MSM index tracker fund in Oman. The objective of the fund is to outperform MSM 30 index by investing in benchmark stocks. The open-ended fund which offers daily subscription and redemption has consistently outperformed its benchmark.

BankMuscat Asset Management is one of the largest fund managers in the region, enjoying a dominant position in Oman. BankMuscat Asset Management offers a variety of funds investing in Oman, GCC countries and India. In addition, the Asset Management Division also manages structured products, hedge funds, private equity funds and a real estate fund investing in Oman. The division offers discretionary portfolio management service to suit varied clients, including pension funds, global funds, high net worth individuals, corporations and other entities.