KUALA LUMPUR (Oct 7): ITMAX System Bhd (KL:ITMAX) said it has secured a 15-year contract to operate 8,640 open-space smart parking lots in Muar, marking its fifth such contract in Johor state.
The contract, awarded to the group's 65%-owned subsidiary Southmax Sdn Bhd by the Muar Municipal Council (MPM), commenced on Oct 1 and will run until Sept 30, 2039, according to ITMAX's bourse filing.
Revenue from parking collections, which include hourly, daily, and monthly parking fees, season passes, and parking fines, will be shared at a rate of 70% for Southmax and 30% for MPM.
The number of parking lots will increase upon the expansion of the parking area of which the plans and location will be determined later, said ITMAX.
It added that Southmax will also bear the costs related to the development, management, and maintenance of the smart parking system, including the installation of parking equipment and signage.
This latest contract adds to ITMAX’s growing portfolio of smart parking operations in Johor, which includes Segamat, Kulai, Tangkak, and Iskandar Puteri.
Beside this, the group is also involved in security camera installations in Johor Bahru, Pasir Gudang, Iskandar Puteri, and Kuala Lumpur, where it also handles streetlight installations for Kuala Lumpur City Hall.
Shares of ITMAX closed three sen or 0.85% higher at RM3.40 on Monday, giving the group a market capitalisation of RM3.64 billion. Year-to-date, the stock has appreciated over 97%.