www.bethelfinance.com
Bethel Finance news:
Koor Industries Ltd. (TASE:KOR), controlled by Nochi Dankner through IDB Holding Corp. Ltd. (TASE:IDBH) unit Discount Investment Corporation (TASE: DISI) reported to the TASE last night that it has reached an agreement in principle with Morgan Stanley and Citigroup, which provided loans to buy Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) shares.
According to the agreement, which calls for the renewal and improvement of credit arrangement guarantee terms for Credit Suisse shares, Koor will repay CHF 371 million from credit from corporate lenders through the pledged deposits that were made to corporate lenders. The agreement also stipulates that Koor be entitled to release liens and deposits, so that the corporate banks' credit would fall to CHF 379 million: CHF 194 and CHF 185 to Morgan Stanley and Citigroup respectively.
Koor announced in November that it had acquired 2.52 million Credit Suisse shares, and currently holds 30.32 million Credit Suisse shares.
Koor's share price was up 2.36% in morning trading on the TASE at NIS 43.35, giving a market cap of NIS 2 billion.
No comments:
Post a Comment