Borneo Development Corporation was incorporated by the Commonwealth Development Corporation (CDC) on 28th August 1958. Its original objectives then were to initiate development projects and diversify the economics of Sabah and Sarawak. BDC had its headquarters at Electra House in Kuching and a regional office in Kota Kinabalu, Sabah. In 1962, CDC divested 50% of its shares in BDC to Sabah and Sarawak Governments with each getting 25% shares. In 1975, BDC was fully owned by the Sabah and Sarawak State Governments, each holding 50% share in the Company. By 1992, it was realized that the growth of the Company will be limited in view of the varying priorities of the two State Governments. BDC (Sarawak) Sdn Bhd was therefore incorporated on 9th May 1992 to take over the assets and liabilities and continue the operations of the old BDC in Sarawak while the Sabah Government set up its own BDC (Sabah) Sdn Bhd. BDC (Sarawak) Sdn Bhd officially commenced operations on 1st July 1992. On 1st January 2003, BDC moved its headquarters to Wisma Satria BDC, located at Taman Satria Jaya BDC Stampin. The authorized capital of BDC (Sarawak) Sdn Bhd is RM38 million of which RM25 million is fully paid up.