PETALING JAYA: ITMax System Bhd
’s 65%-owned subsidiary Southmax Sdn Bhd has been appointed by Mersing District Council (MDM) as the smart parking operator for open space parking.
The contract will run for 15 years from May 1, 2025, to April 30, 2040.
According to a filing with Bursa Malaysia, Southmax will receive 70% of the revenue from all parking fees and penalties, while the remaining 30% will go to MDM.
Meanwhile, analysts believe that ITMAX is poised to win more installation and maintenance of closed-circuit television (CCTV) cameras jobs in Penang following its recent win there.
The homegrown smart city integrated system and solution provider recently secured a third contract in Penang, worth RM26.6mil from Seberang Perai City Council to install and maintain CCTV cameras from Apr 15, 2025 to Oct 14, 2034.
The installation services are provided at a contract sum of RM2.6mil and the comprehensive maintenance services will be carried out for a period of eight years at a contract sum of RM250,000 per month.
“With Penang still in the early stage of its smart city transformation, this new contract provides ITMAX with a strategic foothold to offer its full range smart city and artificial intelligence (AI) solutions.
“Based on estimates, Penang Island alone would require 10,000 CCTVs to achieve full coverage, presenting a significant growth opportunity for ITMAX. We are confident ITMAX is well-positioned to secure the remaining CCTV contracts as they are rolled out in the coming years,” Hong Leong Investment Bank Research said.
As of the end of FY24, ITMAX’s tender book stood at more than RM600mil.
