 This signified the formal possession of Penang Island by the British East India Company in the name of King George III.The island was renamed the Prince of Wales Island after the heir to the British throne, while the new settlement of George Town was established in honour of King George III.Thus, George Town became the first British settlement in Southeast Asia and a springboard for future British territorial expansion in the region, while its establishment by the British East India Company marked the start of a period of British imperialism in the Malay Peninsula.