KUALA LUMPUR (Aug 7): ITMAX System Bhd (KL:ITMAX) said its unit has secured a second Selangor Intelligent Parking (SIP) contract, this time to manage smart parking and enforcement for the Shah Alam City Council (MBSA).
ITMAX’s share price surged to a record high on Thursday ahead of the announcement, gaining seven sen or 1.67% to settle at RM4.27 during the noon market break, valuing the group at RM4.41 billion.
The announcement comes just a week after the company was appointed by the Subang Jaya City Council (MBSJ) for a similar role, both through its 70%-owned subsidiary Selmax Sdn Bhd. ITMAX is among 26 companies that responded to a request for proposal (RFP) for the contract, according to the company’s spokesperson.
There are another two councils — Petaling Jaya City Council (MBPJ) and Selayang Municipal Council (MPS) — under SIP, which have not announced their appointed operator. It could not be immediately determined if ITMAX would be appointed for those jobs as well.
State Local Government and Tourism Committee chairman Datuk Ng Suee Lim had said on July 15, 2025 that the 10-year SIP concession would involve three parties: the local councils, Menteri Besar Selangor Inc’s (MBI) wholly owned unit Rantaian Mesra Sdn Bhd (RMSB), and a private company. RMSB was appointed as the SIP system operator for four local councils: MBSJ, MBPJ, MBSA, and MPS.
In a filing with Bursa Malaysia on Thursday, ITMAX said a tripartite agreement will be executed between Selmax, MBSA, and RMSB for its appointment.
The contract with MBSA comes with an option to extend for an additional five years, subject to MBSA and RMSB’s evaluation.
Under the revenue-sharing structure, proceeds from parking fees, monthly passes, two-hour zones, and parking compounds will be distributed as follows: Selmax (50%), MBSA (40%), and RMSB (10%).
Selmax will also bear the maintenance costs for the parking areas — including repainting and repairs, and is responsible for supplying and maintaining parking infrastructure such as monitoring cameras, vehicles, and other enforcement equipment. All works are to comply with MBSA’s standards and specifications.