The IDB unit now owns 2.33% of the bank, reflecting a latent capital gain of NIS 818 million.
IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) has increased its holding in Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) to 27.55 million shares, or 2.33% of the Swiss bank.
In a notice to the Tel Aviv Stock Exchange (TASE) this morning, Koor also stated it has made a capital gain of NIS 33 million on sales of Credit Suisse shares so far in July. It has made a total capital gain of NIS 2.21 billion on sales of Credit Suisse shares to day, including NIS 1.45 billion in the second quarter of 2009 alone.
Koor's latent capital gain on its Credit Suisse stake is currently NIS 818 million. This figure is based on the difference the value of the holding based on a market cap of NIS 5.15 billion for Credit Suisse, and the NIS 4.33 billion. original purchase cost of the shares.
Koor's share rose 2.1% at the opening on the TASE today to NIS 115.20.
Published by Globes [online], Israel business news - www.globes-online.com - on July 26, 2009
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