Koor sells remaining Credit Suisse stake

Since August 2013, Koor has sold 31.06 million shares in Credit Suisse for 897 million Swiss francs.

The chapter in one of the most controversial decisions by former IDB Holding Corp. Ltd. (TASE:IDBH) controlling shareholder Nochi Dankner - the purchase of shares in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) - came to an end today, with the sale of the remaining shares by IDB unit Koor Industries Ltd. (TASE:KOR).

In a notice to the TASE today, Koor stated that it sold its remaining 3.68 million Credit Suisse shares for 110.5 million Swiss francs (NIS 424 million), and that it will report a net gain of NIS 27 million in its financial report for the first quarter of 2014. Koor will use 33.2 million Swiss Francs to repay the balance of the loan from Citigroup Inc. (NYSE: C) and Morgan Stanley (NYSE: MS), which it took to purchase the shares.

On Wednesday, Koor sold 4.9 million Credit Suisse share for 146.3 million Swiss Francs (NIS 563 million), on which it will report a net gain of NIS 33 million, and will use 55.7 million of the proceeds to repay the loan to Citigroup and Morgan Stanley.

Today, Koor said that, since the change in its investment policy in Credit Suisse in August 2013, it has sold 31.06 million shares in the bank for 897 million Swiss francs. It estimates that it will report a net gain of NIS 35 million in its financial report for the fourth quarter of 2013 on the sales of shares during the quarter.

Published by Globes [online], Israel business news - www.globes-online.com - on January 16, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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