(Bloomberg) -- The majority shareholder of Golden Eagle Retail Group Ltd. has made a bid to take the firm private, offering a 40% premium over the stock’s last traded price. 

GEICO Holdings Ltd. is offering HK$6.88 per share, compared with the last traded price of HK$4.90, according to a company filing to the Hong Kong stock exchange. GEICO has a roughly 69% stake in the firm, which operates department stores in China.

Golden Eagle is “unable to fully utilize its current listing platform as a source of funding for its long term growth” and continued listing may not provide any meaningful benefit in the near future given the adverse business environment, according to the statement.

Golden Eagle’s shares will resume trading on Monday after being suspended on May 22, the statement said. 

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