KUALA LUMPUR (Sept 13): SMTrack Bhd has aborted plans to jointly implement the vessel fuel intelligent tracking system (Vessel-FIT) with VFTech Sdn Bhd.

In a filing with Bursa Malaysia today, SMTrack said the group and VFTech have entered into a termination agreement to mutually terminate the collaboration agreement dated Jan 29, 2018.

“Such termination, the consideration provided and received by each other is fair, just and reasonable and no further consideration, compensation or obligation will be due, payable or owing to either party,” it said.

Vessel-FIT is a vessel fuel intelligent tracker with real-time vessel tracking system worldwide.

On Jan 29, SMTrack had entered into an agreement with VFTech to set up a 51:49 joint venture within 30 days.

SMTrack said it would place two directors with a collective 66.66% stake while VFTech would have one director with 33.33% interest in the JV company that would act as Vessel-FIT’s global marketing and operations arm.

VFTech would provide technological know-how in the maritime business while SMTrack would share its marketing and networking skills, and experience.

VFTech — specialising in robotics, software, hardware development and big data solution — developed Vessel-FIT, a web-based software that is designed to monitor and track fuel usage in the maritime business, and is applicable to all vessels.

SMTrack’s share price closed one sen or 5% higher at 10 sen today for a market capitalisation of RM15.39 million.