KUALA LUMPUR (May 20): ITMAX System Bhd (KL:ITMAX) has bagged a RM79.9 million variation order to undertake the deployment of additional smart traffic light controllers across the Iskandar Puteri area.
The variation order was awarded to its 65%-owned subsidiary Southmax Sdn Bhd from the Iskandar Puteri City Council in Johor. It will run until 2038, with an option to extend until 2046, said ITMAX in a bourse filing.
In September 2023, ITMAX secured a RM111.24 million contract to provide video surveillance and smart traffic light system in Iskandar Puteri. Since then, the company’s share price has more than tripled; it leapt from RM1.40 to a peak of RM5.09 in late January.
On Wednesday, ITMAX's shares fell four sen to close at RM4.69, giving the company a market capitalisation of RM4.86 billion.
ITMAX managing director cum chief executive officer William Tan Wei Lun said this variation order further strengthens ITMAX’s footprint in Johor and reflects the growing confidence in the company's AI-powered smart traffic solutions.
“Leveraging advanced AI video analytics, adaptive traffic control technology, and integrated digital infrastructure, our system is designed to optimise traffic flow in real time, improve road safety, and support more efficient urban mobility management,” Tan said in a statement on Wednesday.
“As Iskandar Puteri continues to emerge as a strategic economic hub within the Johor-Singapore Special Economic Zone, we believe intelligent traffic infrastructure will play an increasingly important role in supporting urban growth, improving connectivity, and enhancing the overall quality of life for the community,” Tan added.