From left: SMTrack
KUALA LUMPUR: SMTrack Bhd is eyeing a turnaround in its financial performance after it inked a joint venture with VFTech Sdn Bhd.
“This is only a preliminary agreement to establish the joint venture with VFTech in which we will decide on the details later,” the company’s executive director Azmi Osman told reporters today.
“We hope it will lead a turnaround of the company moving forward,” he said.
“We hope that this joint venture will benefit us with returns for all shareholders in the near future,” SMTrack’s executive director Datuk Tan Choon Hwa said.
The JV will see both companies cooperating to introduce a fuel tracking system for offshore oil vessels based on artificial intelligence technology.
“We are eyeing a commercial offering of the system in about 2-3 months,” Azmi said.
Details of the JV will be announced on Bursa Malaysia later in the day.
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