IDB group unit Koor Industries Ltd. (TASE:KOR) reported this morning that, over the past few days, it had sold 5.5 million more shares in Credit Suisse, for a total of 157.5 million Swiss francs.
The company said that it would record a capital gain of NIS 76 million on this latest series of sales in its third quarter financials.
Of the consideration received for these sales, 62 million Swiss francs will be used to repay part of the outstanding balance on loans from Morgan Stanley and Citibank, following which the balance of these loans will be 218 million Swiss francs, secured on 19.32 million shares in Credit Suisse.
Koor is left with 20.06 million shares in Credit Suisse, representing 1.26% of the Swiss bank, and currently worth some 571 million Swiss francs.
Together with the gain on sales of shares in Credit Suisse reported last week, Koor will record a total gain of NIS 149 million in its third quarter financials on sales during the quarter to date. The difference between the market value of the balance of its stake in Credit Suisse and the book value at the end of the second quarter is NIS 272 million in Koor's favor. The company says that it will continue to realize shares.
Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2013
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