ITMAX System Bhd said its 65%-owned subsidiary Southmax Sdn Bhd has secured a RM603.5 million variation order from the Johor Bahru City Council (MBJB) to expand artificial intelligence (AI)-enabled video surveillance systems in Johor Bahru.
In a Bursa filing on Wednesday, ITMAX said Southmax received and accepted the variation order dated April 14.
The order is linked to a main RM105.32 million contract awarded in 2023, which covers video surveillance services, including a smart command centre and AI-powered CCTV systems for MBJB.
Under the latest variation order, Southmax will install additional AI-enabled CCTV cameras and implement advanced video analytics programming. The expanded scope will be delivered on a 20-year service subscription model, starting after the installation phase is completed.
ITMAX said the contract is expected to contribute positively to earnings and net assets per share over the duration of the agreement.
Shares of ITMAX closed 25 sen or 5.3% higher at RM4.94, giving the group a market capitalisation of RM5.12 billion.
