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Gaylin seeks change of name following acquisition of Amos International
FOLLOWING its acquisition of industry peer Amos International Holdings, oil and gas contractor Gaylin Holdings is proposing to rename itself Amos Group Limited and change its external auditor from Deloitte to KPMG for the current financial year ending Mar 30, 2019.
The moves are subject to the approval of shareholders at an extraordinary general meeting to be convened.
In its Friday announcement, Gaylin said the change of name would better reflect its profile, business activities and direction after the acquisition, as "AMOS" stands for "All Marine Offshore Solutions". The Accounting and Corporate Regulatory Authority of Singapore (Acra) has approved an application to reserve the proposed new name, which will be reserved till Feb 8, 2019.
On the proposed change of auditors, Gaylin said: "As part of ongoing good corporate governance initiatives, the Audit Committee is of the view that it would be appropriate to effect a change of the auditor for the current financial year ending Mar 31 2019, to enable the Company to benefit from fresh perspectives and views of another professional accounting firm, thereby enhancing the value of the audit."
Deloitte has applied to Acra to seek its consent for resignation as auditor, and KPMG has given written consent to be appointed the new auditor subject to shareholder approval.
Gaylin separately announced that Danny Lien Chong Tuan and Lighthouse Logistics have become substantial shareholders following the allotment and issuance of new shares pursuant to the acquisition of Amos International.