In a filing with Bursa Malaysia today, ITMAX stated 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.

The services would be for a period of 180 months commencing from Sept 20, 2023 to Sept 19, 2038.

Under the terms of the contract, SSB is required to furnish a performance bond of RM175,530 with a validity period commencing from Sept 20, 2023, until Sept 19, 2039.

This includes policies for a period commencing from Sept 20, 2023, to Sept 19, 2038, namely public liability insurance policy amounting to RM2 million, work insurance policy amounting to RM105.32 million, and workmen compensation policy amounting to RM21.06 million.

In addition, SSB is also required to implement the Professional Training and Education for Growing Entrepreneurs-Ready to Work (Protege-RTW) programme as set by the government based on the contract sum with the minimum number of participants of 43 persons.

“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.

At market close, ITMAX’s share price was up by 10 sen or 7.04% at RM1.52, giving it a market capitalisation of RM1.56 billion.