Greenpro Capital Corp. (NASDAQ: GRNQ) stock gained by 34.23% at last close whereas the GRNQ stock-price plunge by 7.35% in the pre-market trading session. Greenpro Capital is a venture capital firm with a diverse portfolio of businesses in finance, technology, banking, CryptoSx for STOs, health and wellness, and fine art.
GRNQ stock’ Recent Development
Silkwave Holdings Limited has signed a Memorandum of Understanding (MOU) with Greenpro Capital Corp.’s incubator business, Angkasa-X. The Memorandum of Understanding was signed in terms of creating a strategic joint venture to construct and manage the world’s first GEO-LEO comprehensive satellite network and services platform. The goal is to provide integrated digital satellite services to address the ASEAN region’s diverse needs in Internet connectivity, multimedia infotainment, vehicle-connected services and much more which also includes speeding up digital transformation to develop the digital economy for all ASEAN regions.
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The Partnership intends to build a Space Technology Ecosystem in Penang, Malaysia, and to develop the state into a worldwide satellite supply chain and inventory hub for the ASEAN market. Both sides want to form an ASEAN-Greater Bay Area Space-Satellite Industry Alliance to help the ASEAN area grow as one of the world’s great satellite markets by accelerating technology and investment transfer.
In terms of finance, the Bank of Asia has been named as the worldwide financial adviser for Angkasa-X and Silkwave development capital raising. Greenpro holds 28 million shares in Angkasa-X and plans to float the business on a U.S. exchange via an initial public offering (IPO) by the end of 2021.
Greenpro CEO, Dr. Lee commented,
The collaboration is the first between a GEO and a LEO system, and it will provide unparalleled synergies to mass-market customers throughout the ASEAN region, such as universal connection and plentiful low-cost and novel entertainment and broadband data services. This will usher in a new age of digital change in this growing industry, catapulting it to the forefront of the world’s satellite service marketplaces