Singapore-based Biosensors International Group announces that the company has received an offer for an acquisition from a Chinese private equity fund, Citic Private Equity Funds Management Co., for an undisclosed amount.

According to the company, it had made a filing to the Singapore Exchange Commission regarding the offer.

However, Biosensors spokesperson said that its board of director is still reviewing the offer and there is no certainty that a deal will be made.

In a report by Bloomberg, the company also called for a trading halt for its share on Monday, which was currently trading at S$ 0.69, while the offer is under review. 

According to the Straits Times, Biosensors is already backed up by a shareholder from the Citic Private Equity, known as CB Medical Holdings.

However, the company has been heavily selling off the holding back in July causing Biosensors shares to plunge.

According to the company's statement, CB Medical Holdings sold nearly 40 million shares during the month and further reducing its stake in Biosensors to only 19 percent.

The Chinese state-backed conglomerate had bought some stake in the company back in November 2013 from Shandong Weigao Group Medical Polymer, according to the Business Times.

Citic paid $312.3 million to Shandong Weigao for the buyout, valued at S$1.05 per share.

Biosensors International Group is a medical company specializing in the production of coronary stents and other medical devices that are used during the heart surgery and other intensive care treatment.

The company recorded a profit of $11.1 million at the end of December 2013, a drop in profit due to higher production cost. Most of the company's revenue of around 28 percent comes from China alone.

Besides Citic, another company that has a stake in Biosensors is Hony Capital Ltd which is a private-equity fund backed by Lenovo Group Ltd.

The company bought a stake in the company at the price of S$0.888 a share back in 2010 for a 16 percent stake in the company. Another Chinese firm, Autumn Eagle holds around 9.48 percent of stakes in the Biosensors.

Biosensor shares are currently traded at S$ 0.68 per share last Friday before it announced a trading halt. Both Citic and Biosensors are not available for comment.