Discount, Koor shares rise to highest number since May 2012

July 22
7:56 PM 2013

Discount Investment Corp. (DISI) shares rose 8.3 percent to 17.29 shekels, resulting the highest value since May 2012.

The investment company soared to its highest level in more than 2 years, resulting to the rise in its 2025 bonds as a unit of the Israel-based investment entity focuses on the purchase of its shares in Credit Suisse Group AG. (CSGN)

Koor Industries Ltd. (KOR) also rose by 5.9 percent to 59.93 shekels, the highest since May of the previous year. Discount has a 67 percent stake in the company.

With its 2 percent stake in CSGN, Koor Industries' board of directors has approved occasional share sale, according to data gathered by Bloomberg.

The agreement is the result of a recovery in Swiss shares over the past 12 months and the possible combining of Discount with Koor.

"It makes sense for Koor to start selling its stake as Credit Suisse shares have reached comfortable levels and as the company is planning to merge with Discount.," said Sharon Naveh of the Migdal Capital Markets Ltd., institutional and international sales department.  

"It also shows investors that the company will realize assets if necessary as its parent companies are embroiled in debt-restructuring talks," she adds.

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