Bank Sohar selected as collecting bank for Vision Focused Fund
MUSCAT: Bank Sohar, one of the most prominent banks in the Sultanate, has been selected as a collecting bank for the recently launched Vision Focused Fund.
The fund is an open-ended Investment Fund established by Vision Investment Services Co., registered in the Sultanate of Oman and constituted as a joint investment account as per the Regulations of the Capital Market Authority (CMA) of Oman under the guidance of the Fund’s Management Body, says a press release.
Commenting on having Bank Sohar as a collecting platform for the Vision Focused Fund, Mustafa Ali Mukhtar, DGM and acting head of Wholesale Banking at Bank Sohar said, “Having Bank Sohar as a window for potential investors to invest in the Vision Focused Fund is yet another service that is being provided by the bank in order to ensure our customers have all various opportunities available in the market to effectively use and invest their funds. Our growing network of branches provides an ideal platform through which we can reach out to customers across the country delivering convenience and ease of reach.”
The Vision Focused Fund, which closes on December 8, aims to provide an investment vehicle to investors who wish to focus their exposure in the Middle East equity market sphere. The Fund follows a dynamic, market and theme driven asset allocation methodology with investments spread across GCC region. Applying a top-down strategy to identify investment opportunities, the fund will focus on investment opportunities expected to produce better returns with measured risks, over the medium to long term. It purports to approach investments with a distinct,well developed philosophy, which relies on in-depth research and analysis. The fund aims to provide investment vehicle for investors who want to focus their attention on a group of selected stocks (between 10 to 12 companies) and the number of stocks will not exceed 15 companies at any time. The Fund may invest in companies that are headquartered in countries of the Middle East and North Africa and included in other global markets. The Fund will also follow a dynamic as set allocation methodology that focuses on the business market in all the GCC countries in particular and MENA markets in general. The Fund shall primarily invest in Middle East equity and fixed income securities such as Bonds and other fixed income instruments.
The Fund is open for subscription to both Omani and non-Omani investors including individuals, companies, institutions, Pension Funds, Government and semi- Government organisations. The Initial Subscription Price is OMR 1.000 plus a Subscription Fee of 20 Baisas per Unit and the minimum investment in the Initial offer shall be 1,000 units and in multiples of 100 thereafter. There is also no maximum limit on the Unit holding by a single investor.
“The Prospectus and Subscription Forms for the initial subscription can be obtained from any of our branches across the country. Investors may subscribe to units of the fund by completing the form and submitting it to us along with the specified payment anytime during the subscription period,” added Mustafa Ali Mukhtar.
The Vision Focused Fund, which closes on December 8, aims to provide an investment vehicle to investors who wish to focus their exposure in the Middle East equity market sphere