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BUSINESS • 23/09/2024 03:11 PM

ITMAX System Secures 15-year Smart Parking Contract In Johor

KUALA LUMPUR, Sept 23 (Bernama) -- ITMAX System Bhd’s 65 per cent owned subsidiary, Southmax Sdn Bhd (SSB), has been appointed by the Segamat Municipal Council (MPS) to operate smart parking for 7,637 on-street parking spaces in the district. 

In a filing with Bursa Malaysia today, ITMAX said the 15-year contract commences from Sept 1, 2024, to Aug 31, 2039, including a simulation period from Oct 1, 2024, to Dec 31, 2024.

“The contract will be run on a revenue-sharing model. Southmax will receive 70 per cent and MPS will receive 30 per cent for all parking collections including hourly parking, daily parking, monthly parking, season passes and temporary parking rental and parking compounds. 

“Southmax is required to provide security deposits of staff emoluments and estimated parking revenue at MPS for six months,” it said.

SSB is responsible for the costs of the development, management, and maintenance of the smart parking system as well as the parking space equipment and signage, it added.

-- BERNAMA

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