OSIM founder Ron Sim offers S$300 million buyout bid
Ron Sim, Chief Executive Officer and founder of Osim International Ltd, poses after an interview in his office in Singapore March 7, 2013. Reuters

The founder of OSIM International has made a bid to buy out the company in a S$300 million offer that values each share at S$1.32.

Chairman and CEO Ron Sim Chye Hock holds 68 percent in the Singapore-based massage chair maker. The bid to privatise and delist the company, which was founded more than 30 years ago, follows a consistent decline in the shares, which hit the lowest point in five years in January.

"The offer provides an opportunity to OSIM's minority shareholders to sell their stake at a significant premium over the prevailing share price amidst challenging market conditions," Sim's holding company said in a statement.

The privatisation bid was made through Sim's investment vehicle Vision Three Pte Ltd.

OSIM posted a 66 percent drop in net profit in the fourth quarter of 2015. Analysts say the bid provides shareholders a window of opportunity to sell their stake at a significant premium.