KUALA LUMPUR: ITMax System Bhd
’s 65%-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, 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% and MPS will receive 30% 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, it added. — Bernama
