Discount Investment to trim stake in Cellcom, 2 other holdings

JERUSALEM Thu Feb 7, 2013 9:27am EST

JERUSALEM Feb 7 (Reuters) - Israeli holding company Discount Investment Corp said on Thursday it plans to reduce its stake in mobile phone provider Cellcom by 1.9 percent and sell shares in two other companies to improve its cash position.

Discount said it would sell shares in Cellcom, Israel's largest mobile phone operator, totalling 55 million shekels ($15 million) in the coming days in a transaction outside of the market.

It also said it would sell shares worth 65 million shekels, or 2.5 percent, in holding company Koor Industries and 30 million shekels, or 2.4 percent, in Property & Building .

Discount is a unit of IDB Holding Corp, which has been seeking to sell off some its investments to raise much-needed cash to help pay off its debt.

Discount owns 43.6 percent of Cellcom, 70 percent of Koor and 79 percent of Property & Building. It also holds a key stake in Super-Sol, Israel's largest supermarket chain. Koor owns about 2.4 percent of Credit Suisse and 40 percent of MA Industries, the world's biggest maker of generic crop protection products.

($1 = 3.69 shekels) (Reporting by Steven Scheer)