ITMAX SYSTEM BERHAD Secures Major Smart Parking Contracts in Selangor

In a significant development for ITMAX System Bhd, the Malaysian IT company has secured a second major contract to operate and manage the Selangor Intelligent Parking (SIP) system, this time with the Shah Alam City Council (MBSA). This contract, awarded to ITMAX’s subsidiary Selmax Sdn Bhd, is a 10-year agreement with an option to extend for an additional five years. The deal underscores ITMAX’s growing influence in the smart city infrastructure sector, particularly in the realm of intelligent parking solutions.

Strategic Expansion and Revenue Sharing Model

Under the terms of the contract, Selmax will deploy, manage, and operate all gazetted parking bays within MBSA’s jurisdiction. The revenue model is based on a 50% sharing of parking fees and fines, with the remaining 40% going to the Shah Alam City Council and 10% to the Selangor state government. This arrangement not only highlights ITMAX’s capability in managing large-scale urban infrastructure projects but also its strategic approach to revenue sharing that benefits all stakeholders involved.

Market Reaction and Financial Outlook

The announcement of the contract has had a positive impact on ITMAX’s share price, which surged to a record high ahead of the official announcement. This reflects investor confidence in ITMAX’s strategic direction and its ability to secure lucrative contracts. With a market capitalization of MYR 4.33 billion and a close price of MYR 4.2 as of August 5, 2025, ITMAX is well-positioned to capitalize on the growing demand for smart city solutions in Malaysia.

Future Prospects and Expansion Plans

ITMAX’s success in securing the Shah Alam contract follows a similar achievement with the Johor state government, where ITMAX’s smart parking solutions have reportedly increased parking revenue by 200%. This success story is expected to be replicated in Selangor, with ITMAX planning to extend its smart parking solutions to additional municipalities in the state. The company’s management anticipates further contracts from other Selangor municipalities, potentially expanding its footprint in the region.

Technological Edge and Innovation

ITMAX’s commitment to innovation is evident in its use of artificial intelligence and advanced technology to enhance urban living. The company’s focus on creating smarter, safer, and more interconnected cities aligns with global trends towards sustainable urban development. By leveraging its technological expertise, ITMAX is not only improving efficiency and productivity for its clients but also contributing to the broader goal of smart city transformation in Malaysia.

Conclusion

ITMAX System Bhd’s recent contract win in Selangor is a testament to its leadership in the IT and smart city solutions sector. With a strong track record of innovation and successful project execution, ITMAX is poised for continued growth and expansion. As the company looks to replicate its success in other regions, its strategic partnerships and technological prowess will be key drivers in shaping the future of urban infrastructure in Malaysia.