Smart city solutions provider ITMAX System Bhd has secured a 15-year contract to operate a smart on-street parking system in Johor Bahru.
The company’s 65%-owned unit, Southmax Sdn Bhd, was appointed by the Johor Bahru City Council (MBJB), with the official letter of appointment received on Monday, according to a Bursa Malaysia filing. The contract will run from May 1, 2026, to April 30, 2041.
Under the agreement, Southmax will implement a smart parking system, including the Parkmax payment and booking app, for on-street parking areas within MBJB’s jurisdiction. Revenue collected will be shared 70:30 between Southmax and MBJB. Southmax will also provide a security deposit for enforcement officer remuneration and cover all related management expenses.
ITMAX said the contract is expected to positively contribute to the group’s earnings and net assets per share over the contract period.
For FY2025, ITMAX posted a 16.4% rise in net profit to RM93.54 million from RM80.39 million in FY2024, while revenue increased 12.14% to RM246.97 million. Shares closed at RM4.44 on Monday, down four sen, giving the company a market capitalisation of RM4.6 billion.
