Computer and telecoms group ITG has announced a 36m euro share placing to fund the expansion of its payment terminal network in a number of key European markets.
It is believed the majority of the shares have already been taken up by institutional investors. ITG shares were up three cents to 5.20 euro by the close of business in Dublin.
The company, which is changing its name to Alphyra, is placing eight million new shares at a price of five euro each.
ITG's payments terminals provide top-up for mobile phone credit and are used for making credit or debit card payments. It currently operates in Ireland, the UK, Holland and Sweden and plans to use the funds raised by the placing to establish a presence in the French and German markets.
The company says it is currently in talks on a potential European acquisition which would cost around 10m euro.
ITG chief executive John Nagle told RTE radio said ITG was seeing the effects of a slowdown but was benefiting from cost-cutting moves by mobile phone companies.
