KUALA LUMPUR (March 18): ITMAX System Bhd’s subsidiary has secured a video surveillance and traffic light system services contract worth RM77.09 million from the Kulai Municipal Council.

In a bourse filing on Monday, ITMAX said its 65%-owned Southmax Sdn Bhd had received a letter of award (LOA) for the contract for the period of March 23, 2024 to March 25, 2039.

ITMAX said the LOA is expected to contribute positively towards the company's earnings until the end of the 15-year period.

At the midday break on Monday, ITMAX had risen 2.62% or six sen to RM2.35, with 1.56 million shares traded, giving the stock a market value of RM2.42 billion.