Koor buys more Credit Suisse stock
Company posts third quarter losses of NIS 378 million from sales of Credit Suisse stock, some NIS 900 million due to share's plummeting price. Nonetheless, in November, Koor acquired additional stock from Swiss bank for NIS 203 million
In its report, Koor attributes NIS 278 million ($75 million) of the loss to the sale of some of its Credit Suisse stock and NIS 900 million ($242 million) to the depreciation of the remainder of its holdings in the Swiss bank.
The report also reveals that in November the company acquired additional stock from Credit Suisse for NIS 203 million (55 million).
To date, Koor holds 27.8 million ($7.5 million) Credit Suisse shares, which are some 2.31% of the bank's capital.
Just before the publication of its statements, Koor's board of directors approved a buyback plan of the company's bonds of up to NIS 250 million ($67 million) in light of the company's high cash reserves which are currently at NIS 4.6 billion ($1.24 billion).
During the third quarter of the year, Makhteshim Agan completed its merger with ChemChina in which the Chinese chemical's giant acquired Makhteshim's outstanding stock and 7% of Makhteshim's shares held by Koor.
Upon completion of the merger, Makhteshim became a privately held company owned by ChemChina (60%) and Koor (40%). Koor received some $169 million in the deal, which reflected a $2.4 billion valuation for Makhteshim Agan.
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