JERUSALEM, Aug 30 (Reuters) - Israeli holding company Koor Industries said on Sunday it had raised its stake in Credit Suisse to 2.12 percent from 2 percent.
Koor, a subsidiary of IDB Holding Corp, said it now held 25.17 million shares in the bank, up from 23.7 million shares last week, and would post gains of 36 million shekels ($9.5 million) from recent transactions.
Koor last week lowered its stake in the bank to 2 percent from 2.22 percent with a profit of 136 million shekels.
Including the latest transaction, Koor booked gains of 2.57 billion shekels from the Credit Suisse share sales, including 1.5 billion in the second quarter and 341 million shekels in the third quarter.
The company had held as much as 3.4 percent of the bank earlier this year, making it the third-largest shareholder before it began reducing its stake.
Last month, it reversed that trend and began buying shares. In June, IDB chairman and chief executive Nochi Dankner told Reuters that Koor planned to rebuild its stake in the bank.
But in August Koor began selling again.
The company said it would continue to invest in Credit Suisse by taking advantage of opportunities to buy and sell and it intended to remain a significant shareholder in the bank.
Koor's board has approved an investment of up to 6 billion shekels in Credit Suisse.
In June, Koor said it planned to invest up to 3.5 billion shekels in French retailer Carrefour SA. It already holds a 0.25 percent stake in the world's second-biggest retailer, having paid 284 million shekels for the shares.
($1 = 3.81 shekels)
(Reporting by Joseph Nasr; Editing by Nick Macfie) Keywords: KOOR CREDITSUISSE/ (joseph.nasr@reuters.com ; +972 2 632 2202; Reuters Messaging: joseph.nasr.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Koor, a subsidiary of IDB Holding Corp, said it now held 25.17 million shares in the bank, up from 23.7 million shares last week, and would post gains of 36 million shekels ($9.5 million) from recent transactions.
Koor last week lowered its stake in the bank to 2 percent from 2.22 percent with a profit of 136 million shekels.
Including the latest transaction, Koor booked gains of 2.57 billion shekels from the Credit Suisse share sales, including 1.5 billion in the second quarter and 341 million shekels in the third quarter.
The company had held as much as 3.4 percent of the bank earlier this year, making it the third-largest shareholder before it began reducing its stake.
Last month, it reversed that trend and began buying shares. In June, IDB chairman and chief executive Nochi Dankner told Reuters that Koor planned to rebuild its stake in the bank.
But in August Koor began selling again.
The company said it would continue to invest in Credit Suisse by taking advantage of opportunities to buy and sell and it intended to remain a significant shareholder in the bank.
Koor's board has approved an investment of up to 6 billion shekels in Credit Suisse.
In June, Koor said it planned to invest up to 3.5 billion shekels in French retailer Carrefour SA. It already holds a 0.25 percent stake in the world's second-biggest retailer, having paid 284 million shekels for the shares.
($1 = 3.81 shekels)
(Reporting by Joseph Nasr; Editing by Nick Macfie) Keywords: KOOR CREDITSUISSE/ (joseph.nasr@reuters.com ; +972 2 632 2202; Reuters Messaging: joseph.nasr.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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