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November 27, 1997updated 03 Sep 2016 12:09pm

MIGHTY KOOR BUYS 10% STAKE IN ECI TELECOM

By CBR Staff Writer

Koor Industries Ltd, Israel’s biggest holding company with business interests across the board, is set to buy 8.35m shares in ECI Telecom Ltd for $275m, resulting in a 10.66% stake. ECI is an Israeli manufacturer of digital telecommunications systems, which in the nine months to September this year, turned over $492m with profits of $93.1m. The stake is to be purchased from the Claridge Israel Group, which itself owns 25.8% of Koor. Claridge will receive newly issued shares in Koor as consideration for the sale, bringing its total interest in Koor up to 35.4%. Koor, which accounts for 7% of Israel’s industrial output and exports, classifies telecommunications as one of its three core businesses.

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