Israel’s Koor raises stake in Credit Suisse to 1%

Pharma

Israeli holding company Koor Industries said on Thursday it had raised its stake in Credit Suisse to 1.02% for a total investment of 1.627 billion shekels ($455.7 million).

Last week Koor reported that it held 6.7 million shares, or 0.65%, of the Swiss bank for a total investment of 1.037 billion shekels. Last month Koor said it had accumulated a 0.89% stake in the Swiss bank but later reduced it to 0.35%.

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

Koor is 49.5% owned by Discount Investment Corp a subsidiary of conglomerate IDB Development. IDB also owns a further 10% of Koor. (Reuters)

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