ITMAX unit awarded parking operator project

KUALA LUMPUR: ITMAX System Bhd’s 70%-owned subsidiary, Selmax Sdn Bhd has been appointed by Majlis Perbandaran Selayang (MPS) as the parking operator and parking compounds manager for gazetted car park spaces in areas under the jurisdiction of MPS, for a contract period of 10 years.

The contract carries an extension option for a further five years, subject to assessments by the MPS and Rantaian Mesra Sdn Bhd (RMSB).

In a filing with Bursa Malaysia, ITMAX said RMSB is a wholly-owned unit of Menteri Besar Selangor (Inc.), and is the Selangor Intelligent Parking (SIP) system provider for the project.

ITMAX further revealed that the parking collection proceeds of the agreement shall consist of parking fees, two-hour parking zones, monthly passes, and parking compounds.

The collections will be distributed on a revenue sharing basis, with Selmax to garner 50%, MPS 40%, while RMSB will get the remaining 10%.

“Selmax will be responsible for the emoluments, including salary, allowances, bonuses, and other rewards and benefits of parking attendants deployed to manage the gazetted car park spaces in the areas under the jurisdiction of MPS.

“It shall be responsible for ensuring all gazetted car park spaces, including the painting and numbering of the parking spaces, are maintained in good condition throughout the contract period. The maintenance work shall be carried out by MPS,” said ITMAX.

In addition, the group said Selmax shall provide and maintain parking infrastructure, using monitoring cameras, vehicles, and other equipment for enforcement purposes.

While not disclosing any estimates as to the value of the project, ITMAX said the agreements are expected to contribute positively towards its earnings and net assets per share until the expiry of the contract period.