Koor cuts Credit Suisse stake, boosts capital gain

JERUSALEM (Reuters) - Israeli holding company Koor Industries (KOR.TA) said on Sunday it sold half of its stake in Credit Suisse (CS.N) (CSGN.VX) that will give it a capital gain in the third quarter of 135 million shekels ($38.2 million).

Koor now owns 5.73 million shares, or 0.56 percent, of the Swiss bank for a total investment of 885 million shekels, it said in a statement to the Tel Aviv Stock Exchange.

Last Thursday, Koor had said it raised its stake to 1.21 percent, or 12.36 million shares.

The company has said it would take advantage of opportunities to buy and sell Credit Suisse shares in accordance with the market situation. It has said it would potentially invest as much as 3 billion shekels in Credit Suisse.

Earlier in September, Koor said it would post a capital gain of 281 million shekels. This latest transaction brings its total capital gain from the sale of Credit Suisse shares to 416 million shekels.

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.

($1 = 3.53 shekels)

(Reporting by Steven Scheer; Editing by Tomasz Janowski)