MALAYSIA, 16/10/2024 (Asia News Channels) - The strategic objectives of Astronautic Technology Sdn Bhd (ATSB) were largely achieved with the development and launch of Malaysia’s first microsatellite, TiungSAT-1, on September 26, 2000. ATSB, a company owned by Minister of Finance Incorporated (MKD), also developed the RazakSAT microsatellite, launched on July 14, 2009, to provide more specific and frequent remote sensing data.
According to Second Finance Minister Datuk Seri Amir Hamzah Azizan, the initial capital received from the government amounted to RM112.58 million. Of this, RM25 million was spent on the construction, development, and launch of TiungSAT-1, RM80 million on RazakSAT, and RM7.579 million for ATSB's operational costs. This information was shared in a winding-up speech on the Auditor General's Report (LKAN) 3/2024, regarding the Federal Government’s 2023 financial statements, in Parliament today. The speech was read by Youth and Sports Minister Hannah Yeoh, as Amir Hamzah was unable to deliver it himself due to laryngitis.
The issue of ATSB's share disposal, where RM112.58 million worth of nominal shares were sold for just RM50,000, was raised by Sim Tze Tzin (PH-Bayan Baru).
Amir Hamzah clarified that ATSB was never intended as a profit-driven entity but rather as a strategic asset for satellite development. The Cabinet, in a meeting on August 14, 2019, agreed to dispose of the government's stake in ATSB as there was no longer a strategic need for federal ownership or involvement in the country’s space industry agenda.
The sale was conducted through an open tender process, with four companies submitting bids in the first Request for Proposal (RFP) and three in the second. Rites Sdn Bhd emerged as the successful bidder, offering RM50,000 without any binding conditions on the government.
Amir Hamzah explained that the decision to sell the ATSB shares for RM50,000 was based on "goodwill" since the company’s assets and liabilities had been written off, leaving it as a dormant entity with no business operations or employees.
-- ASIA NEWS CHANNELS