KUALA LUMPUR: ITMax System Bhd's subsidiary Southmax Sdn Bhd has been appointed by Segamat Municipal Council as the smart parking operator of 7,637 street parking bays in Segamat, Johor.
The contract came into effect on Sept 1 and spans 15 years.
It will be operated under a revenue-sharing model, with Southmax receiving 70 per cent of the revenue generated from parking collections and parking compounds.
ITMax System managing director and chief executive officer William Tan Wei Lun said the fourth contract further underscores its dedication to advancing urban services through technology.
"Smart parking systems are integral to the evolution of smart cities, enabling local councils to optimize parking management while providing users with a seamless and accessible experience. "As the adoption of cashless payments and digital solutions accelerates, we are eager to witness the transformative impact of our initiatives on Johor's parking landscape. We look forward to expanding our innovative offerings to additional areas across the state," he said.
ITMax's share price rose 2.90 per cent or 10 sen to RM3.55 at midday.