IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) will report an additional capital gain of NIS 105 million for the third quarter on sales of Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) shares, in addition to the NIS 66 million that it has already reported for the quarter. Total capital gains on Credit Suisse shares for the third quarter are NIS 171 million.
Koor has reported aggregate capital gains on Credit Suisse share sales of NIS 2.41 billion to date, of which NIS 1.5 billion was reported in the second quarter.
Koor said that it now owns 26.28 million Credit Suisse shares, amounting to 2.22% of the Swiss bank, purchased for a total investment of NIS 4.17 billion. The holding's current market value is NIS 4.89 billion, reflecting a gain of NIS 720 million at this time. Koor still has more than NIS 1 billion unused of the NIS 6 billion put aside for investment in Credit Suisse shares, and said that it will continue buying shares at favorable market conditions.
Koor's share rose 0.5% in early trading today to NIS 112.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2009
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