Koor Industries Ltd. (KOR.TV) said Wednesday its fourth-quarter report, to be released next month, will indicate that the value of its investment in Credit Suisse has declined by 246 million shekels ($63 million) due to the fall in the Swiss bank's share price.

Koor, which invests in telecommunications and other technological development and manufacturing, said it must list the value of its cash investment in Credit Suisse according to the current market price because this investment is classified as "available for sale."

In the past, however, Koor has said its investment in the Swiss Bank was strategic and long-term.

Koor also said it will report a profit of ILS40 million in the fourth quarter.

Koor first invested in Credit Suisse in July 2008, and has bought and sold shares in the bank several times since. It currently owns 3.4% of the Swiss bank's shares.

In its fourth-quarter report, Koor will also announce a policy about whether it will base the valuation of its Credit Suisse stake on the price these shares are traded at on the New York Stock Exchange or the Swiss exchange.

At 0950 GMT, Koor shares were down ILS1.19, or 2.44%, at ILS47.61, in a higher Tel Aviv market.

-By Sara Toth, contributing to Dow Jones Newswires; saratoth@gmail.com

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