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Borneo Development Corporation (Sabah) Sdn Bhd, "BDC Sabah", a private limited company incorporated on 15th May, 1992 is wholly-owned by the State Government of Sabah. It is an offshoot of Borneo Development Corporation Limited "BDC", a company established in 1958 by the Commonwealth Development Corporation primarily to promote the growth of industry and commerce with the aim of diversifying the economies of Sabah and Sarawak. In 1962, BDC was restructured to include 50% participation subscribed to equally by the Governments of Sabah and Sarawak. It was one of the first business dealings involving the two State Governments prior to the formation of Malaysia.