Israeli holding company Koor Industries, controlled by Nochi Dankner's IDB Holding Corp., said on Thursday it had reduced its stake in Credit Suisse Group AG to 2.2% from 2.66% by selling more shares over the last few days.
Koor said it will make a net profit of NIS 190 million on the sale. Koor, a subsidiary of IDB Holding Corp., said it now held 26.04 million shares, down from 31.54 million earlier this month, for which it paid NIS 4.39 billion. The stake is valued at NIS 5.46 billion at the current market price.
Until now Koor has gained, NIS 2.76 billion from sales shares in Credit Suisse of which NIS 531 million was from sales in the third quarter of 2009.
Koor said it would continue to invest in Credit Suisse by taking advantage of opportunities to buy and sell and with the intention of remaining a significant shareholder in the bank. Koor's board of directors has approved an investment of up to NIS 6 billion in Credit Suisse.