Kerry-based hotel room distributor, CNG, has announced details of its flotation on the alternative investment section of the London Stock Exchange.
The company will raise £22.1 million by placing 21,475,026 ordinary shares on the market giving it a total market capitalisation of nearly £65 million.
CNG distributes hotel room nights to travel agents and consumers. CNG's own software application for teravel agents is currently being rolled out through its distribution channels, including four of the five largest corporate travel agents in the US.
The purpose of the flotation will be to repay existing bank and other loans, acquire a remaining 20 per cent stake in US travel group Tzell and provide additional working capital to increase sales and marketing initiatives.
Dealings in CNG will begin on May 7, 2004.