Majan Capital Fund, Fincorp Al Amal Fund merger approved

Muscat: The fund unit-holders approved the merger of Majan Capital Fund and Fincorp Al Amal Fund by incorporation at their respective extra ordinary meeting and annual general meeting held on March 26, 2019 at Fincorp Head office.
Majan Capital Fund’s assets under management (AUM) will be merged with Fincorp Al Amal Fund, on completion of the merger. All the unit-holders of Majan Capital Fund will be allotted units of Fincorp Al Amal fund in a swap ratio which will be finalised on the merger completion date.
The Chairman of Majan Capital Fund, Mohamed Abdullah Mohamed Al Khonji and Chairman of Fincorp Al Amal Fund, Sayyid Aymen bin Hamad bin Hamoud Al Busaidi thanked the unit-holders of both the funds for approving the merger and invited prospective investors to look at investing in Fincorp Al Amal Fund.
Aiman Hassan Al Balushi, the Fund Manager said: “This merger will result in higher net assets, lower management expenses and create operational efficiencies for Fincorp Al Amal Fund thus leading to improved profits post the merger. These improved operational efficiencies and lower costs will attract new investors in the Fincorp Al Amal Fund.”
Fincorp Al Amal Fund has been delivering consistently improved performance since the restructuring of the fund management team in fourth quarter of 2015, it delivered a return of 8.7 per cent for year 2018. The year-to-date return (as on March 25, 2019) of the Fincorp Al Amal fund is 9.28 per cent.