The market value of the shares held by Koor is NIS 2.59 billion.
Nochi Dankner holding Koor Industries Ltd. (NYSE: KOR; TASE: KOR) reported that its stake in Credit Suisse is about 1.28% of the Swiss bank's share capital.
Koor said that it has recently purchased, through a subsidiary, an additional 6.9 million shares of Credit Suisse. Koor now owns 15.22 million shares in Credit Suisse.
The total investment in the shares it currently holds is NIS 2.12 billion. With a market value of those shares of NIS 2.59 billion, the stake represents an implied profit of NIS 470 million.
Koor expects its Credit Suisse investments to yield an after-tax profit of NIS 1.45 billion.
Koor's board has authorized an investment of up to NIS 5 billion in Credit Suisse.
Published by Globes [online], Israel business news - www.globes-online.com - on July 5, 2009
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