Amos Group (SGX:49B) said its independent directors resigned to cut costs after a takeover left it unable to restore public float, addressing queries from the Singapore Exchange, according to a Friday filing on the local bourse.
The marine and offshore supplier said compliance costs for board requirements would hinder business recovery.
Now with two executive directors, Amos is seeking an extension of its trading suspension to explore delisting options after a buyout by PeakBayou Ltd pushed the bidder's ownership to 95%.
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