JERUSALEM, Jan 16 (Reuters) - Israeli holding company Koor Industries sold off its remaining 3.68 million shares, or 0.23 percent stake, in Credit Suisse for 110.5 million Swiss francs ($121.5 million), the company said on Thursday.
Koor, which began buying shares in the Swiss bank in 2008 and whose stake had reached about 3.5 percent, expects to post a capital gain of 27 million shekels ($7.75 million) in the first quarter from the transaction.
The company said it used 33.2 million francs from the latest sale to pay back the rest of its loans from Morgan Stanley and Citibank that were guaranteed by Credit Suisse shares.
On Wednesday, Koor said it had sold 4.9 million shares for 146.3 million francs, a move that would result in a 33 million shekel gain in the current quarter.
In July, Koor’s board approved a change in the company’s investment policy that would enable it to sell shares in Credit Suisse.
Since then, Koor sold 31.06 million Credit Suisse shares for 897 million francs.
Koor is a unit of debt-ridden conglomerate IDB Holding Corp. .
($1 = 0.9095 Swiss francs)
$1 = 3.4838 Israeli shekels Reporting by Steven Scheer