Itmax unit appointed smart parking operator at Iskandar Puteri City

KUALA LUMPUR: ITMax System Bhd's 65%-owned subsidiary Southmax Sdn Bhd has accepted an appointment by the Iskandar Puteri City Council (MBIP) to be the smart parking operator of 32,025 street parking bays.

The group said in a bourse filing the appointment will be for a period of 15 years commencing June 1, 2024, to May 31, 2039.

Under the terms of the agreement, the revenue from the operations will be split 70:30 between Southmax and MBIP.

Shares in Itmax System jumped 15 sen or 6.48% to RM2.43 in the early session after 4.71 million shares were traded.