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.