KUALA LUMPUR (July 31): ITMAX System Bhd (KL:ITMAX) has secured a six-year contract worth RM120 million for the supply, installation and maintenance of a smart street lighting system in Kuala Lumpur.
In a Bursa Malaysia filing on Friday, the smart city integrated systems and solutions provider said it has received a Letter of Acceptance (LOA) dated July 28 from Kuala Lumpur City Hall (DBKL) for the contract.
The commencement and completion dates of the six-year contract period will be determined and notified by DBKL, it noted.
ITMAX added that no works or services will commence until it fulfils the conditions precedent under the LOA, including the provision of a RM1 million performance bond and submission of relevant insurance cover notes together with the corresponding payment receipts.
On Dec 23 last year, ITMAX secured a RM42 million, three-year contract from DBKL to operate and maintain smart traffic light systems.
In 2024, the company also won a DBKL contract to install an additional 5,000 CCTV cameras and video message signboards (VMS) across Kuala Lumpur.
ITMAX’s largest shareholder is Tan Sri Tan Boon Hock, who controls 48.413% via Sena Holdings Sdn Bhd. His son, ITMAX managing director and CEO William Tan Wei Lun, is also deemed a substantial shareholder via Sena. Bank Julius Baer & Co Ltd owns another 8.9% while the Employees Provident Fund owns a 6.014% interest.
Shares of ITMAX were three sen or 0.7% lower at RM4.62 at the noon break on Friday, giving the group a market capitalisation of RM4.79 billion.
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