Holding company Koor Industries (NYSE: KOR) announced on Thursday that it sold 9.3 million shares in MA Industries, its agrochemicals subsidiary, for NIS 105.3 million or an average price of NIS 11.32 per share.
Koor said it would record a capital gain from the sale in the second quarter of 2003. Koor will now hold 49.8% of MA Industries’ voting capital, compared with 51.4% before the sale.
Koor Industries CEO Jonathan Kolber said, "MA Industries has presented strong financial and share performance in recent quarters, and we continue to believe this is one of the strongest companies in our portfolio."
Kolber continued, "As an investment company, the current sale is in line with our strategy of identifying high yield investment and sale opportunities. We continue to work closely with MA Industries, strongly support its management and strategy, and intend to continue to hold a significant share in the company."
On Wednesday, “Globes” reported that Koor was offering to sell 20 million shares of MA Industries at a minimum price of NIS 11.25.
MA Industries shares were down 1.5% at NIS 11 in early afternoon trade on Sunday.
Published by Globes [online] - www.globes.co.il - on 8 June, 2003