Nochi Dankner-controlled IDB Development Corp. Ltd. (TASE: IDBD) holding Koor Industries Ltd. (NYSE: KOR; TASE: KOR) said today that it has increased its stake in Credit Suisse to 2.12%.
The holding represents a total investment of NIS 4.13 billion. The market value of the shares is currently NIS 4.94 billion, representing an unrealized gain of NIS 812 million.
The larger stake is due to purchases last week of 1.47 million shares at a cost of about NIS 320 million.
Koor's trades in Credit Suisse recently will lead to a gain so far of NIS 341 million that it will report in the third quarter. To date, the company has reported profit of NIS 2.57 billion on sales of Credit Suisse shares.
Koor noted that its credit line available for purchasing shares in Credit Suisse is NIS 6 billion.
Koor shares fell 2.65% by midday. The shares are up 188% so far in 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on August 30, 2009
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