2 October 12 14:35–IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) expects to report a profit of NIS 355 million on its investment in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) in its financial statements for the third quarter of 2012.
On Friday, the last trading day in the third quarter, Credit Suisse’s share price closed at CHF 19.93 on the Zurich Stock Exchange, 14.6% higher than at the end of the second quarter. As a result, and taking into account the shekel-Swiss franc exchange rate of NIS 4.18/CHF, Koor’s position in Credit Suisse is worth NIS 2.53 billion, compared with NIS 2.18 billion at the end of June.
During the third quarter, Koor did not change its holding of 30.32 million shares in Credit Suisse. However, Koor’s stake in the bank fell from 2.48% to 2.3% because it did not participate in an issue of convertible securities by the bank.
In its financial statements for the second quarter, Koor recorded a loss of NIS 937 million on its investment in Credit Suisse, due to a 33% drop in the bank’s share price during the quarter. Credit Suisse distributed a dividend, of which Koor’s share was NIS 94 million…Read More>>