Shareholders approve merger of Muscat Fund, Oryx Fund
The unitholders of Muscat Fund have approved the merger of Muscat Fund with Bank Muscat Oryx Fund. Oryx Fund shareholders also approved the merger, Bank Muscat announced on Monday.
The two funds convened their extraordinary general meetings at Bank Muscat head office to facilitate the merger approval.
The merger of Muscat Fund with Oryx Fund will potentially benefit Muscat Fund unitholders from the investment opportunities in Oman market along with the GCC markets, Bank Muscat said in a press release.
Oryx Fund is an open ended fund, which is regulated by the Capital Market Authority. Oryx Fund, which invests primarily in the GCC markets, has a long and successful track record since it was established in 1994.
Bank Muscat provides investment management services to both Muscat Fund and Oryx Fund. The bank also serves as the administrator and custodian of both the funds.
Commenting on the merger, Sulaiman al Yahyai, chairman of Oryx Fund, said, “Oryx Fund represents a very attractive investment proposition for long-term investors. The fund’s strategy has been proven over various market cycles. 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 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.”
He said, “Bank Muscat manages 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 unitholders of Muscat Fund.”
The GCC equity markets offer substantial growth opportunities across multiple countries and sectors. This widens the investment horizon and benefits of diversification to investors. Trading volume in GCC markets is much higher thus reducing the impact costs for investors.