September 11, 2013 / 9:14 AM / in 4 years

Israel's Koor sells 5.5 mln shares in Credit Suisse

TEL AVIV, Sept 11 (Reuters) - Israeli holding company Koor Industries has sold 5.5 million shares in Swiss bank Credit Suisse for 155 million Swiss francs ($165.8 million), the company said on Wednesday.

Koor will post a capital gain of 73 million shekels ($20 million) for the sale in the third quarter.

The company said it used 62 million francs from the 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 280 million francs.

Following the sale, Koor holds 25.56 million shares, or 1.6 percent of Credit Suisse, worth 733 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 plans to continue to act to sell its shares in Credit Suisse in accordance with its policy,” said Koor, a subsidiary of IDB Holding Corp.

($1 = 0.9348 Swiss francs)

$1 = 3.57 shekels Reporting by Tova Cohen; Editing by Steven Scheer

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