Billionaire financier Mr George Soros cut his stake in Eircom today and collected nearly €24 million from the sale, sources said.
Morgan Stanley and Davy Stockbrokers sold 14.6 million shares at €1.64 each, including commission, market sources said. Eircom floated in March after a three-year absence from the stock market.
The former state monopoly was taken private in 2001 by a consortium including Soros and Sir Anthony O'Reilly.
Eircom shares traded up 0.6 per cent at €1.65 by 8.36 a.m., compared with an issue price of €1.55 . The stock hit a peak of €1.70 a week ago.
In November, Eircom posted a net loss first-half loss of €1 million, versus a loss of €10 million a year earlier, and paid a 5 cent per share interim dividend at a cost of €47 million.
Today's stock sale represents around 2 per cent of the issued capital in Eircom.