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Bicycle component maker in 1930s ~ 60s.
There may be a connection with
Officine Mecchaniche Giostra who produced Magistroni components and later became Ofmega.
 

Updated 10.10.2017 
Click pictures for a larger view

State-of-the-art crank set

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Walter Lai pic
from BicycleSpecialities site

   Ads from the 1950s

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Double sided hub. 

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A pair of hubs, circa 1940s
 
on eBay by seller 8leicester

 

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