After announcing on July 21 that it would invest up NIS 3 billion in shares of Swiss banking group Credit Suisse, IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Koor Industries (TASE: KOR) announced last night that it had made a further sell-off of its shares in the bank. The company will post a capital gain of NIS 100 million on the sale.
The profit follows the NIS 107 million capital gain Koor made on its previous sale of shares on July 27. As a result, the company will record a total gain of NIS 207 million so far on its investment in Credit Suisse in the third quarter of the year.
Koor said it now held 3.65 million Credit Suisse shares following the sale, amounting to 0.35% of the bank's share capital, compared with 0.55% beforehand. The company's holding is currently worth NIS 531 million.
Koor stressed in its announcement that its decision of July 21 to invest up to NIS 3 billion in Credit Suisse shares remained in force, and that the company would continue to purchase additional shares from time to time, and that it may sell the shares it purchased, on the basis of its assessments of market developments.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2008
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