Service Providers

Investment Manager

National Company for Projects & Management LLC shall be the Investment Manager for the Fund.

Issue Manager

National Company for Projects & Management LLC has been appointed as the Issue Manager for this issue of the Fund.

Legal Advisor


M/s DENTONS & CO. OMAN BR. has been appointed as the Legal Advisor to the Fund.
M/s DENTONS & CO. OMAN BR. is a pre-eminent law firm in Oman.

Auditors

KPMG, Oman, an international auditing and accounting firm, has been appointed as the independent Auditors of the Fund.

KPMG is a global network of professional firms providing Audit, Tax and Advisory services, having 138,000 outstanding professionals working together to deliver value in 150 countries worldwide.

Collecting Banks

The following Banks have been appointed as the Collecting Banks for the Fund:

Bank Sohar SAOG
National Bank of Oman SAOG
The fee for collecting Banker is NIL.

Custodian

The Board shall appoint the Custodian, whose principal place of business is within the Sultanate of Oman.

The Fund’s assets are of the nature of current assets, represented by cheques and assignments of receivables. The operations of the Fund are very transaction intensive, and therefore the custodian shall hold under custody the following assets of the Fund only, in order to make the fund viable and protect the interests of the unit holders ;

  • Documentation of Leases exceeding two (2) years; and
  • Ownership documents pertaining to land and building owned by the Fund.

The following assets (indicative list only), which would be handled more frequently and are required for customer service, will be held directly by the Fund, under the supervision of the Fund Board:

  • Current Assets, including cash, bank accounts;
  • Postdated cheques received from the borrowers, assignments of payments, bills of exchange and other instruments of payment;
  • Factoring receivables, project finance receivables, machinery, vehicles, and other assets (including security interest thereon) financed by the fund for the SME borrowers, and
  • Similar assets required/acquired in the day to day operations of the Fund.

The Custodian may, where deemed necessary, appoint a sub-custodian to hold security documents and to perform other such functions on its behalf, without prejudice the liability of Custodian )

Written consent of the Fund Board shall be obtained for all the contracts concluded with the sub-custodian and such contracts shall provide adequate protection for the assets on terms and conditions consistent with the contract with the main Custodian.

All contracts concluded with the main Custodian or sub-custodian shall cover the following:

  • Requirements that enable the Fund to exercise all the rights pertaining to the assets kept with the Custodian or sub-custodian;
  • Requirements pertaining to the location where the Fund’s assets are kept;
  • Method of holding the assets;
  • Care and liability for loss;
  • Review and compliance reports; and
  • Fees, method of payment and timing of payment.

National Bank of Oman has been appointed as custodian of SME Development Fund.

Custodian Fee

  1. Fixed fee: RO 5,000/= per annum
  2. Volume based fee: RO 1.500/- per document (under custody). Volume based fee for the first 100 documents will be waived.
News Updats
The issue was successfully closed on 5th February2014 with 100% subscription
Investor meet on 3 March 2014