KUALA LUMPUR (April 15): ITMAX System Bhd (KL:ITMAX) announced that its 65%-owned subsidiary has secured a RM603.5 million order from the Johor Bahru City Council (MBJB) to install additional artificial intelligence (AI) video surveillance systems in Johor Bahru City.
ITMAX said in a stock exchange filing on Wednesday that its part-owned arm Southmax Sdn Bhd had received and accepted the change order dated April 14.
The change order relates to the main contract, which includes the provision of video surveillance services such as smart command centers and AI-enabled closed circuit television (CCTV) systems, and is valued at RM105.32 million awarded by MBJB to the company in 2023.
Under the change order, Southmax will undertake the installation of additional AI-enabled CCTV units and an advanced video analytics program. Additional works will be carried out on a service subscription basis for a period of 20 years from the completion of the installation phase.
ITMAX stated that this new order will contribute positively to its earnings and net assets per share through the expiry of the contract.
ITMAX’s share price closed 25 sen or 5.3% higher at RM4.94 on Wednesday, valuing the group at RM5.12 billion.
