Further to the reports of Koor Industries Ltd. ("the Company") relating to the Company's investment in the shares of Credit Suisse Group ("Credit Suisse"), the Company hereby reports that for the recent sale of some of its shares in Credit Suisse, it will record a profit of approximately NIS 100 million in the third quarter of 2008.
This profit will join the profit of approximately NIS 108 million that will also be recorded in the third quarter, for earlier sales of Credit Suisse shares as reported on 27 July, 2008, so that in total, the Company will record a profit of approximately NIS 208 million in the third quarter for realisation of Credit Suisse shares to date.
At the date of this report, the Company holds 3.62 million shares of Credit Suisse, which is approximately 0.35% of Credit Suisse's share capital (net of treasury shares), for a cumulative investment of approximately NIS 531 million.
As the Company noted in earlier reports, on 21 July, 2008, the Board of Directors of the Company approved investment of up to NIS 3 billion in the shares of Credit Suisse. The investment will be made taking buy and sell opportunities, with due attention to the situation in the markets and based on the Company's own assessments from time to time. It is emphasized that there is no certainty that the investment actions will be taken.
This is a free translation to English from the Hebrew language, which was made for convenience purposes only. The official document is in Hebrew, and it can be found at the web site of the Tel Aviv Stock Exchange, at: http://maya.tase.co.il.
|
About Koor Industries
Koor Industries is a leading Israeli holding company, focusing on high-growth, internationally-oriented, Israeli companies. Koor actively invests in agrochemicals through; Makhteshim Agan Industries , in telecommunications through its holdings in ECTel and Telrad Networks; and in venture capital through Koor Corporate Venture Capital. Koor’s Ordinary Shares are traded on the Tel Aviv Stock Exchange (TASE: KOR).
|
Company contact
|
|
|
Oren Hillinger, Finance Director
|
|
|
Koor Industries Ltd.
|
|
|
Tel: 972 3 607- 5111
|
|
|
Fax: 972 3 607- 5110
|
|
|
oren.hillinger@koor.com
| |
