Smurfit to invest €4 million in CNG travel group ahead of flotation

FORMER Jefferson Smurfit chief executive Michael Smurfit is to invest €4 million in the Kenmare-based CNG Travel Group, which will float on London's Alternative Investment Market next month.

Dr Smurfit will also take up a position as non-executive director of the online reservation software developer, the company said yesterday. He will be joined on the board by Ralph Manaker, co-president of WorldTravel BTI, one of the world's largest travel management companies that recorded sales of €3 billion last year.

CNG chief executive Finbarr Power said the company was in the final stages of preparing its flotation and the addition of Dr Smurfit and Mr Manaker to the board would strengthen the company and add to its ambitions.