KUALA LUMPUR (Sept 22): ITMAX System Bhd, which is primarily involved in the business of supply, installation and provision of public space networked systems, has bagged a RM111.2 million contract from the Iskandar Puteri City Council to provide video surveillance and smart traffic light system services in Iskandar Puteri, Johor.

In a filing with Bursa Malaysia on Friday, ITMAX said its 65%-owned subsidiary Southmax Sdn Bhd has secured a letter of award (LOA) for the project.

It added that the LOA is expected to contribute positively towards the group's earnings and net assets per share until its expiry.
 
Under the terms of the contract, ITMAX is responsible for designing, installing and maintaining a smart command centre, closed circuit camera system with artificial intelligence features as well as smart traffic light system within the city of Iskandar Puteri for a period of 15 years, commencing from Sept 26, 2023 to Sept 25, 2038 on a service subscription basis.

In a separate statement, ITMAX managing director and chief executive officer William Tan Wei Lun said the contract is its second in Johor.

ITMAX's shares closed up five sen or 2.94% to RM1.75 on Friday, giving it a market capitalisation of RM1.7 billion.

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