MUSCAT, 04 February 2019
The unitholders of Muscat Fund have approved the merger of Muscat Fund with Bank Muscat Oryx Fund. The Oryx Fund shareholders also approved the merger. The two Funds convened Extra Ordinary General meetings (EGM) at Bank Muscat Head Office to facilitate the merger approval.
The Oryx Fund is regulated by the Capital Market Authority, Oman and is an open ended fund. The Oryx Fund has a long and successful track record, in fact the longest in the entire GCC region since it was established in 1994. The Fund invests primarily in the GCC markets.
GCC equity capital markets offer substantial growth opportunities across multiple countries and sectors. This widens the investment horizon and benefits of diversification to investors. The trading volume in GCC markets is much higher thus reducing the impact costs for investors. The merger of Muscat Fund with the Oryx Fund will potentially benefit the Muscat Fund unitholders from the investment opportunities in Oman market along with the GCC markets.
Commenting on the merger, Sulaiman Al Yahya, Chairman of Oryx Fund, said: “The Oryx Fund represents a very attractive investment proposition for long term investors. The fund’s strategy has been proven over various market cycles. The Oryx Fund continues to be the best performing fund in the GCC over a long-term horizon. We believe that this merger will generate attractive returns for Muscat Fund investors by diversifying their investment in the GCC stock markets through the Oryx Fund.”
Abdullah Al Hinai, Chief Wholesale Banking and Strategic Growth Officer of Bank Muscat, said: “We thank investors of both Funds for their trust and confidence in us. At Bank Muscat, we are in constant pursuit of improved performance and enhanced returns for our investors. The GCC markets have delivered good performance owing to greater liquidity, wider sectoral representation and investment diversification. Bank Muscat manages the Oryx Fund which invests primarily in the GCC markets. Considering the performance of Oryx Fund and expanded investment universe of Muscat Fund, the merger will benefit the Muscat Fund unitholders.”