(Image source: La Presse)
Ons Investments, 2022 negative
It starts immediately in red new Luxembourg holding company where the Egyptian tycoon Naguib Sawiris has transferred a series of assets starting with the control of Italiaonline (Libero.it and Virgilio.it). In fact, the first balance sheet (2022) of Ons Investments (Oi) has just been deposited in the Grand Duchy, born in the middle of that year from a partial split of Orascom Tmt Investments (Oti), the main Luxembourg safe of Sawiris who presides and controls it through Grand Cayman-based Marchco Holding.
The balance sheet of Oi (now controlled by the Luxembourg-based Maymont Investments) closed with a loss of almost 70 million euros due to a series of write-downs for 66.7 million which concerned for almost 30 million 99.9% of Otmt Malta Investments (which operates in private equity with the subsidiary Washington Harbor Capital), for 24.1 million 100% of Libero Acquisitions (owner of Italiaonline), in addition to a writeoff of 7.4 million on portfolio trading and one of around one million on various financial assets.
Oi, with total assets of 535 million, also saw the transfer from Oti of 1.93% of the Dutch listed Oci, among the largest producers of nitrogen fertilizers in the world, led and controlled by Nassef Sawiris, brother of Naguiband whose net worth is estimated at $8.7 billion, making it the richest Arab and the fourth richest African. Another asset transferred is 1.13% of Ta Atlantic and Pacific and then two asset managements in the hands of JP Morgan Luxembourg and Morgan Stanley Private Wealth Management of New York and the third of 3.7 million in the hands of Crédit Agricole Luxembourg .
Read also: Italiaonline, the Sawiris family takes 100% of the shares
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