Koor Sells Addl. 5.5 Mln Credit Suisse Shares

(RTTNews) - Further to the reports of Koor Industries Ltd. on July 21, and August 10, 20913, regarding a change in the policy for investing in shares of Credit Suisse Group AG (CS) and the decision of the Audit Committee and the board to work for disposal of the company's investment in Credit Suisse shares, and further to the company's immediate report on September 10, 2013 concerning the sale of 5.5 million Credit Suisse shares, the company reported that it has sold an additional 5.5 million Credit Suisse shares in the past few days in consideration of 157.47 million Swiss francs. The firm expects to record a capital gain of around NIS 76 million in respect of these additional sales in its financial statements for the third quarter of 2013.

The company used nearly 62 million francs of the sale proceeds to repay part of the balance of the loans provided for the company and which were secured with Credit Suisse shares by a company from Morgan Stanley Group and a company from Citibank Group, so that the cumulative balance of the loans from these companies is now 218 million francs, or about NIS 833 million against a lien on roughly 19.32 million Credit Suisse shares.

At the date of this report and after the aforementioned sales, the company holds nearly 20.06 million Credit Suisse shares, accounting for about 1.26% of the issued and paid up capital of Credit Suisse and whose value on this date is some 571 million francs.