SMTRACK UPBEAT ON MEETING TARGETS NEXT YEAR

KUALA LUMPUR: SMTrack Bhd is confident of achieving its financial goals next year on the back of multiple deals and collaborations with local and international entities.

Executive director Azmi Osman said SMTrack would strengthen its operational efficiency while keeping cost at a healthy level in order to stay competitive in the radio frequency identification (RFID) industry.

“We will begin our new business strategy in the multimedia segment by using RFID technology, especially in utilising RFID in asset allocation and supply management,” he said after the company’s annual general meeting in Cyberjaya yesterday.

“We will also work on our datacreating management segment,” he added.

The Bursa Malaysia ACE Market-listed track and trace solutions provider is preparing to acquire Wellspring Group, the own- er of the Tutti Frutti Frozen Yogurt brand.

SMTrack and Wellspring had signed a memorandum of understanding on August 12 last year for the acquisition of 230 million Wellspring shares for RM300 million. The binding sales and purchase agreement was signed on June 15 this year.

The deal was delayed due to a number of reasons, one of which was in the preparation of legal documents.

Azmi said this deal marked SMTrack’s entry into the food and beverage sector.

He is hopeful that SMTrack will be able to expand Tutti Frutti’s footprints globally.

The group saw its earnings fall 26.4 per cent to RM2.7 million in the financial year ended July 2017 from RM3.7 million last year.

Azmi said SMTrack was optimistic of higher profit for the current year ending July 2018. Alzahrin Aliaszahrin