CNG floatation hopes to raise €65m

A KENMARE company that sells hotel rooms over the internet hopes to raise up to $80 million (€65 million) when it floats on the London stock exchange next month.

CNG Travel Group, whose room reservation software is already in use by four of the top five corporate travel agents in America, will be valued at up to $250m when it lists on the Alternative Investment Market (AIM) for developing companies.

Chief executive Finbarr Power said CNG would seek a full listing in London or on an American exchange such as the Nasdaq in due course. Mr Power holds a 20% stake in the company, which he helped set up in 1999. Other shareholders include the Mennolly Homes group, which owns 20%, and company management, who have approximately 10% of the group, with the balance held by private investors.