Malaysia-listed SMTrack on 29 January entered into a collaboration agreement with VFTech to develop a vessel fuel intelligent tracker with real time vessel (GPS/AIS) tracking system worldwide.
Both companies will form a new limited liability joint venture (JV) company within the next 30 days to start the project; SMTrack and VFTech will respectively have a 51:49 share of the JV firm.
The JV will see the new company introduce a fuel tracking system for offshore oil vessels based on artificial intelligence technology, according to The Star.
“We are eyeing a commercial offering of the system in about two to three months,” said SMTrack executive director Azmi Osman.
“We hope that this joint venture will benefit us with returns for all shareholders in the near future,” adds SMTrack executive director Datuk Tan Choon Hwa .
Photo credit: The Star
Published: 30 January, 2018
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