Maoye International (HKG:0848) received a privatization proposal from WF Group, an entity owned by Non-Executive Director Tony Huang, the son of Chairman and CEO Huang Mao Ru.

WF offered to pay HK$0.208 in cash for each scheme share, according to a Tuesday filing.

The cancellation price represents a 110.1% premium to the stock's closing price of HK$0.099 before the announcement and a 111% premium to its five-day average price.

About 890.3 million shares, or 17.32% of the department store chain operator's issued share capital, are subject to the scheme.

The proposal will require about HK$185.2 million in cash, which the offeror plans to fund through internal resources.

If the scheme becomes effective, Maoye International will be delisted from HKEX. The privatization remains subject to shareholder and court approvals and other conditions.