Telecoms and computer company, ITG, has sold 4.9 per cent of its stake in Orbiscom, an online payments company, for $12 million (€13.75 million). It is now left with a holding of 9.66 per cent.

Mr Maurice Healy, group managing director ITG, said the group paid $5.3 million for the 14.56 per cent stake and is now left with 10 per cent for nothing.

Asked if ITG should have waited for Orbiscom's IPO when it could have made a bigger profit, he said: "We have our own development plans for Europe and it will be a very aggressive few months."

The stake's purchaser was not disclosed, but is said to be an international investment company.