Koor sells Credit Suisse shares for $165M
Israeli holding company to post capital gain of NIS 73 million for sale of Swiss bank shares in third quarter
Israeli holding company Koor Industries has sold 5.5 million shares in Swiss bank Credit Suisse
for 155 million Swiss francs ($165.8 million), the company said on Wednesday.
Koor will post a capital gain of NIS 73 million ($20 million) for the sale in the third quarter.
Realty Deal
Israeli holding company agrees to turn over its 50% shares in Manhattan asset to sister company Property and Building for $138 million
The company said it used 62 million francs ($66 million) from the sale to pay back part of its loans from Morgan Stanley and Citi that were guaranteed by Credit Suisse shares. It still has outstanding loans of 280 million francs ($298 million).
Following the sale, Koor holds 25.56 million shares, or 1.6% of Credit Suisse, worth 733 million francs ($781 million).
In July, Koor's board approved a change in the company's investment policy that would enable it to sell shares in Credit Suisse.
"The company plans to continue to act to sell its shares in Credit Suisse in accordance with its policy," said Koor, a subsidiary of IDB Holding Corp.
