KUALA LUMPUR, Aug 7 — ITMAX System Bhd, via its 70 per cent-owned subsidiary Selmax Sdn Bhd, has secured a 10-year contract from the Shah Alam City Council (MBSA) to manage the Selangor Intelligent Parking (SIP) system.

In a filing with Bursa Malaysia today, ITMAX said the contract includes an option for a five-year extension, subject to assessments by MBSA and SIP system provider Rantaian Mesra Sdn Bhd (RMSB), a wholly owned unit of Menteri Besar Selangor Inc (MBI).

Selmax, which accepted the revised letter of appointment (LOA) from MBSA on Aug 1, 2025, referencing the original appointment dated July 9, 2025, will also manage parking compounds in areas under the jurisdiction of MBSA.

All three parties, Selmax, MBSA and RMSB, will enter into a tripartite agreement to formalise the arrangement.

“The LOAs are expected to contribute positively towards the earnings and net assets per share of the company over the period until the expiry of the contract period,” ITMAX said.

The smart parking operator added that all parking collections would be distributed based on the revenue-sharing arrangement comprising 10 per cent for RMSB, MBSA (40 per cent) and Selmax (50 per cent). — Bernama