Koor Industries is an Israeli holding company with shares in Swiss bank Credit Suisse. The company announced on Sunday that it had sold another 5.5 million shares in the Swiss lender. The transaction was priced USD169 million and would post a capital gain of USD21 million for Koor Industries from the third quarter sale. This was Koor's second transaction in a week.
Koor Industries also sold 5.5 million for CHF155 million. The company said it would post a capital gain of ILS73 million from the sale.
Koor said it used the CHF62 million from the sale to repay its loans from Morgan Stanley and Citi. The loans were guaranteed by Credit Suisse shares. Currently, it still has an outstanding loan valued CHF218 million.
Last July, Koor's board approved changes in the company's investment policy. The change enabled the company to sell shares in Credit Suisse. Following the sale, Koor now holds 20.06 million shares valued CHF571 million in Credit Suisse.
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