ITMax System Bhd’s subsidiary, Southmax Sdn Bhd, has clinched a RM111.24 million contract from the Iskandar Puteri City Council (MBIP) to provide advanced smart city services.
The contract encompasses the provision of cutting-edge video surveillance with artificial intelligence features and a smart traffic light system, it told the bourse today.
The service offering is set to span a 15-year period, commencing on September 26, 2023, and concluding on September 25, 2038.
To ensure the successful execution of the project, Southmax is required to furnish a non-cancellable performance bond of RM370,800, effective from the contract’s commencement until 12 months after its termination or the last obligation date, whichever comes later.
Additionally, Southmax is mandated to maintain several non-cancellable insurance policies throughout the contract’s duration.
These policies include public liability insurance worth RM2 million, social security organisation coverage, an employees’ provident fund or insurance policy amounting to RM111.24 million, and workers’ compensation insurance valued at RM11.12 million.
Moreover, the company is committed to providing a Professional Training And Education For Growing Entrepreneurs (PROTÉGÉ) program as per government directives.
The specifics of this program will be determined based on the contract’s value, with a minimum of 47 participants required. –TMR