CNG, the Kerry-based provider of software to the travel industry, said last night that chief executive PJ King has made an offer to buy the company.

CNG Travel, the Kerry-based online reservations company, has seen its losses swell to nearly $22 million (€18.2m) in the first half of the year.

CNG TRAVEL directors had a stormy time as they faced down shareholders for the first time as a public company yesterday.

SHARES in CNG Travel dived 10% to new lows yesterday after the Kenmare-based travel reservation group’s chief executive resigned unexpectedly.

KENMARE-BASED CNG Travel Group yesterday signed a strategic partnership with Japanese conglomerate Sojitz and reported losses of $2.6m for 2003.