Koor sells another 5.5 million shares in Credit Suisse
JERUSALEM (Reuters) - Israeli holding company Koor Industries (KOR.TA) has sold another 5.5 million shares in Swiss bank Credit Suisse (CSGN.VX) for 157.47 million Swiss francs ($169 million), the company said on Sunday.
Koor will post a capital gain of 76 million Israeli shekels ($21 million) from the sale in the third quarter.
It was the second such transaction in a week. Last week, Koor sold 5.5 million shares of Credit Suisse for 155 million francs and said it would post a capital gain of 73 million shekels.
The company said it used 62 million francs from the latest sale to pay back part of its loans from Morgan Stanley and Citi that were guaranteed by Credit Suisse shares. It still has outstanding loans of 218 million francs.
Following the sale, Koor holds 20.06 million shares, or 1.26 percent of Credit Suisse, worth 571 million francs.
In July, Koor's board approved a change in the company's investment policy that would enable it to sell shares in Credit Suisse.
"The company intends to continue to sell Credit Suisse shares in accordance with its policy," Koor, a unit of IDB Holding Corp (IDBH.TA), said in a statement.
(Reporting by Steven Scheer)
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