KUALA LUMPUR (Sept 2): ITMAX System Bhd (KL:ITMAX) on Tuesday secured its third concession under the Selangor Intelligent Parking (SIP) initiative, this time involving the Selayang Municipal Council (MPS).
The latest award, signed by ITMAX's 70%-owned subsidiary Selmax Sdn Bhd, spans 10 years with an option to extend for a further five years, subject to assessments by MPS and Rantaian Mesra Sdn Bhd (RMSB), the wholly owned unit of Menteri Besar Selangor Inc (MBI) overseeing the SIP rollout.
ITMAX had earlier been appointed to manage the SIP system for the Shah Alam City Council (MBSA) and Subang Jaya City Council (MBSJ), both in early August. With the Selayang award, it now controls three out of the four councils under the current phase of the SIP programme.
The remaining council is the Petaling Jaya City Council (MBPJ). It could not be immediately confirmed whether ITMAX is in contention for the job.
Selangor Local Government and Tourism Committee chairman Datuk Ng Suee Lim previously said the SIP concession would involve three parties: the respective local council, RMSB and a private operator.
RMSB had been appointed as the system integrator for MBSA, MBSJ, MBPJ and MPS.
In a Bursa Malaysia filing on Tuesday, ITMAX said a tripartite agreement for the latest award will be executed between Selmax, MPS and RMSB. Under the structure, revenue from parking fees, monthly passes, two-hour zones and compounds will be shared as follows: Selmax (50%), MPS (40%) and RMSB (10%).
Selmax will be responsible for emoluments — including salaries, allowances and bonuses of parking attendants — as well as ensuring gazetted parking spaces under MPS are properly painted, numbered and maintained.MPS will handle overall maintenance works.
ITMAX shares ended half a sen or 0.12% lower at RM4.24 on Tuesday, giving the group a market capitalisation of RM4.41 billion. The counter has risen over 15% year-to-date.
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