The Johor Bahru City Council (MBJB) has awarded an RM105.32 million video surveillance services contract to Southmax Sdn Bhd, a 65%-owned subsidiary of ITMAX System Bhd.
ITMAX reported that SSB will provide MBJB with a smart command centre and a closed-circuit camera system with artificial intelligence features on a service subscription basis in a filing with Bursa Malaysia.
The services would be provided from 20th September 2023 to 19th September 2038 over a 180-month period.
In accordance with the contract’s terms, SSB must provide a performance bond in the amount of RM175 530, with a validity span of 20th September 2023 through 19th September 2039.
This includes policies covering the above-said period, including an RM2 million public liability insurance policy, RM105.32 million work insurance policy and an RM21.06 million workmen’s compensation policy.
Additionally, SSB must carry out the Professional Training and Education for Growing Entrepreneurs-Ready to Work (Protege-RTW) programme, which the government has mandated be implemented with a minimum of 43 participants and is based on the contract sum.
“MBJB will also impose a liquidated and ascertained damages clause of RM23,083 per day on SSB for failure or delay in the provision of services,” ITMAX added.
ITMAX had a market capitalisation of RM1.56 billion as of market close, when its share price increased by 10 sen, or 7.04%.