The proposal to erect a memorial to Francis Light was first discussed during the celebrations marking the 150th anniversary of the founding of Penang in 1936 by the organising committee.

[3] Two models, including pedestal and plaque, were subsequently prepared by English sculptor, Frederick John Wilcoxson A.R.B.S.

who had previously provided statues of Loke Yew, Kuala Lumpur, and Rajah Brooke, Kuching,[4] and submitted them to the Municipal Commissioners for approval.

[3] It was unveiled on 3 October 1939 by Sir Shenton Thomas, Governor of the Straits Settlements, at a lavish ceremony, attended by several thousand people.

[5] When the sculpture was commissioned, the sculptor, F. J. Wilcoxson, was faced with the difficulty that no image of Francis Light was known to exist, so he used the portrait of his eldest son, Colonel William Light, which was hanging in the National Portrait Gallery, London.