KUALA LUMPUR, Astronautic Technology Sdn Bhd (ATSB), a company previously owned by the Minister of Finance (Incorporated), was not a profit-based company but was strategic for the development of satellites. Finance Minister II Datuk Seri Amir Hamzah Azizan said ATSB's strategic objective had been achieved with the successful development and launch of the micro remote sensing satellite, TiungSAT-1, on Sept 26, 2000. He said ATSB had also developed a micro remote sensing satellite, RazakSAT, which was launched on July 14, 2009 to provide more specific and frequent data images. "Of the initial capital amount of RM112.58 million received from the government, as much as RM25 million was spent on the construction, development, and launch of TiungSAT-1 while RM80 million was used for RazakSAT and RM7.579 million for ATSB operating costs," he said in his winding-up speech on the motion of the Auditor-General's Report (LKAN), read by Minister of Youth and Sports Hannah Yeoh. Amir Hamzah could wind up his speech as he had inflammation of the throat or laryngitis. Yeoh said this after Sim Tze Tzin (PH-Bayan Baru) raised the issue of the disposal of ATSB shares, which had nominal value of RM112.58 million but were only sold for RM50,000. Yeoh stated that the Cabinet, in a meeting on Aug 14, 2019, agreed to dispose of the government's shareholding in ATSB because there was no longer a strategic need for the federal government to continue to own the company. "The disposal of these shares was carried out through an open tender process, which was participated by four companies in the first notice of a request for proposal (RFP) and three companies in the second RFP," she added. According to Yeoh, Rites Sdn Bhd was the successful bidder with a bid price of RM50,000 without any conditions binding the government. The disposal of ATSB shares at a nominal value of RM50,000 was based on goodwill, considering that all the company's assets and liabilities had been zeroised, and the company was in a dormant status without any bus iness operations or employees. Source: BERNAMA News Agency