KUALA LUMPUR (Sept 23): ITMAX System Bhd (KL:ITMAX) has been appointed by the Segamat Municipal Council (MPS) to operate 7,637 street parking in Johor's Segamat district, marking its fourth such contract in the state.
The 15-year contract will see ITMAX's 65%-owned subsidiary secure 70% of the revenue generated from parking collections and parking compounds under a revenue sharing model, with the MPS entitled to the remaining 30%.
The contract "further underscores our dedication to advancing urban services through technology", said ITMAX managing director and chief executive officer William Tan Wei Lun.
"We look forward to expanding our innovative offerings to additional areas across the state," Tan said in a statement.
Aside from Segamat, ITMAX operates parking for the district of Kulai, Tangkak and Iskandar Puteri in Johor.
The group also undertakes security camera installations in Johor Bahru, Pasir Gudang and Iskandar Puteri, as well as in Kuala Lumpur for the Kuala Lumpur City Hall (DBKL), for which ITMAX was also contracted to install street lights, according to past filings.
Shares of ITMAX settled up 10 sen or 2.9% at RM3.55 at Monday's noon market break, giving the stock a trailing price-earnings ratio of 52.13 times, with a market capitalisation of RM3.65 billion. The counter is up 98% this year.