Soros buys into ONA

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The Independent Online
CASABLANCA (Reuter) - Quantum Emerging Fund, headed by the financier, George Soros has taken shares worth more than pounds 27.3m in Morocco's largest private enterprise, the Omnium Nord Africain.

The fund, set up in 1969 by Mr Soros, bought 2 per cent of ONA's capital and 15 per cent of its holding subsidiary, Diwan. ONA is active in fisheries, agro-industry, mining, property, banking, sugar, textiles and has capital of pounds 247m.

The Moroccan royal family holds 18 per cent and its chief executive is Fouad Filali, son-in-law of King Hassan.

ONA turnover this year has been estimated at 24.3 billion dirhams ( pounds 1.89bn). Mr Soros is in Morocco holding an annual board meeting of Soros Fund Management in Marrakesh.

(Photograph omitted)

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