After a long period of paper profits, IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) is losing money on its holding in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ). Koor's investment is losing NIS 560 million, on paper. Koor has invested NIS 6 billion altogether in Credit Suisse, and its current stake is worth NIS 5.44 billion.
The paper loss is dwarfed by Koor's accumulated NIS 3.2 billion in realized capital gains on its investment in Credit Suisse to date.
IDB chairman and CEO Nochi Dankner has exploited the share's weakness to increase his holding. Koor in recent days bought an additional 0.5% of Credit Suisse for NIS 1 billion, increasing the stake to 2.78%.
How he does it?
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