CNG floats today on AIM

The Irish online hotel reservation company CNG floated on London's Alternative Investment Market this morning. It hopes to raise over €30m.

Kenmare based CNG has placed 21.8 million ordinary shares at a price of 103p per share.

The flotation will repay loans, buy a 20% stake in Tzell and fund the global distribution of its hotel transaction software TLC.

Tzell is a US corporate travel agency, which provides access to other travel agents catering for Small businesses.

CNG's core business is distributing hotel room nights to travel agents and consumers with a strong emphasis on the US corporate hotel market.

It operates through strong distribution channels which includes exclusive agreements with four of the five largest US corporate travel agents.

CNG Group was established in 1999 in Ireland and has become one of the largest distributors of hotel rooms in the industry.