George Town or Georgetown, is the capital of the state of Penang in Malaysia. Named after Britain's King George III, George Town is located on the north-east corner of Penang Island. The Georgetown metropolitan has a population of 1,253,748, the second largest metropolitan in Malaysia by population. Formerly a municipality and then a city in its own right, since 1976 George Town has been part of the municipality of Penang Island, though the area formerly governed by the city council is still commonly referred to as a city, and is also known as Tanjung ("The Cape") in Malay. The inner city of George Town is a UNESCO World Heritage Site. George Town was founded in 1786 by Captain Francis Light, a trader for the British East India Company, as base for the company in the Malay States. He obtained the island of Penang from the Sultan of Kedah and built Fort Cornwallis on the north-eastern corner of the island. The fort became the nexus of a growing trading post and the island's population reached 12,000 by 1804.