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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.
Commenting on having Bank Sohar as a collecting platform for the Vision Focused Fund, Mr. 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 08, 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 asset 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 organizations. 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 Mr. Mustafa Ali Mukhtar.
Aside from its participation in IPOs such as these, Bank Sohar also offers its customers a range of market leading retail products and services. It also provides an extensive network of 28 conventional branches and over 50 ATMs across the Sultanate. In addition, Bank Sohar customers can also avail of convenient cash withdrawal services at over 1,000 ATMs across the country operating under the ‘OmanNet’ platform. The Bank’s ATMs at Buraimi and Shinas border continue to operate with the ‘Dirhams Dispensing’ facility; thus adding immense convenience to businessmen who travel and transact business across the border on a regular basis, as well as to customers who visit the United Arab Emirates. The Bank’s customers enjoy the advantage of a Cash Deposit facility at all branch ATMs as another value-added service. In addition, the Bank’s E-channels, encompassing SMS banking, internet banking services and a specialised mobile banking application for Android and iPhones, allow customers to access their bank anytime and from anywhere.
For more information on Bank Sohar, please visit www.banksohar.net or call 24730000. You can also follow the Bank on Facebook at www.facebook.com/excel.banksohar, on Instagram at www.instagram.com/banksoharexcel or join the conversation on Twitter @banksohar_excel.
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© Press Release 2016
