KUALA LUMPUR (April 6): ITMAX System has received another three-year contract extension from Kuala Lumpur City Hall (DBKL) worth RM52.81 million for the installation and maintenance of networked street lighting systems in Kuala Lumpur.
The three-year extension, from Aug 1, 2023 to July 31, 2026, is expected to contribute positively to the group’s earnings and net assets per share for the financial year ending Dec 31, 2023 and onwards, the public space networked systems service provider said in a bourse filing.
The group said the original five-year contract was awarded on July 25, 2016, and the first extension for two years was made on Aug 1, 2021.
ITMAX’s shares price closed down one sen or 0.68% to RM1.46, giving the group a market capitalisation of RM1.5 billion.
Since making its debut on the Main Market in Dec last year, the stock has gained 36% from its initial offering price of RM1.07.