Penang has “sold away” its citizens' interests and rights, state BN said today, over news that state agency Penang Development Corporation (PDC) had sold its stake in Tropical Island Resort Sdn Bhd (TRISB).

TRISB is in charge of redeveloping 80 acres of land on Pulau Jerejak. Prior to the sale, TRISB was owned by federal-linked UDA Holdings Bhd (51 percent) and PDC (49 percent).

But PDC said today it accepted UDA's offer to sell PDC's entire stake to private developer Ideal Property Development Sdn Bhd for RM156 million.