Israel's Koor lowers stake in Credit Suisse
TEL AVIV, Sept 10 (Reuters) - Israeli holding company Koor Industries (KOR.TA) said on Wednesday it will post a capital gain of 73 million shekels ($20.3 million) in the third quarter from the sale of shares in Credit Suisse (CS.N) (CSGN.VX).
Koor now owns 6.5 million shares or 0.63 percent of the Swiss bank, for a total investment of 1.014 billion shekels, down from a 1.02 percent stake held by Koor two weeks ago.
This latest capital gain is in addition to a profit of 208 million shekels Koor has already said it would post in the third quarter from earlier sales of Credit Suisse shares.
The company has said it would take advantage of opportunities to buy and sell Credit Suisse shares in accordance with the market situation. The latest sale of stock was done over the last few days.
Koor is 49.5 percent owned by Discount Investment Corp (DISI.TA), a subsidiary of conglomerate IDB Development IDBD.TA. IDB also owns a further 10 percent of Koor. (Reporting by Tova Cohen; Editing by Louise Ireland)
