KUALA LUMPUR (Dec 6): Traffic management and video surveillance company ITMAX System Bhd (KL:ITMAX) said on Friday it is partnering with Aim-Force Sdn Bhd to jointly develop smart parking enforcement solutions and enterprise mobility software and technologies for various projects.

In a bourse filing, ITMAX said it had entered into a joint venture (JV) agreement with Aim-Force for the collaboration, which they will undertake via a JV company named Enforcemax that was incorporated on Nov 1 this year with an issued share capital of RM150,000. ITMAX holds a 70% equity stake in Enforcemax, while Aim-Force owns the remaining 30%.

Aim-Force is owned by Lew Chiew Yoon (31.34%), Yip Huan Shean (31.33%), Pek Han Tiong (31.33%), and Chiew Kheng Huat (6%).

Under the agreement, ITMAX and Aim-Force will inject, based on their respective shareholding proportion, an additional RM1 million as capital for Enforcemax to support its initial growth and expansion.

Enforcemax will own all rights, including intellectual property, to any smart parking enforcement solutions it creates or develops. Both ITMAX and Aim-Force are committed to driving Enforcemax's growth and profitability, with Aim-Force prohibited from exiting its shareholder role for the first five years.

The JV enables both parties to tap into new geographical and product markets by leveraging each other’s infrastructure, technical capabilities, expertise, and market knowledge, ITMAX said.

Separately, ITMAX announced it had aborted a RM7.18 million deal to acquire a 70% equity stake in Aim-Force Software Sdn Bhd, a wholly owned subsidiary of Aim-Force.

ITMAX said both parties mutually agreed to fully release and discharge each other from the terms of the agreement signed on Aug 23 last year, with no further claims or entitlements between them.

On Friday, ITMAX shares closed three sen or 0.8% lower at RM3.55, giving the group a market capitalisation of RM3.66 billion. Year to date, the stock has more than doubled from RM1.75.