Greenpro Capital (GRNQ) Stock Continues Skyward

Greenpro Capital Corp (NASDAQ: GRNQ) is screaming for the top in the market this morning, following up on the strong gains the stock saw Friday. The gains come after the company said it signed a Memorandum of Understanding surrounding the formation of a joint venture. Here’s what’s happening:

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GRNQ Continues Skyward On Joint Venture Announcement

In the press release, Greenpro Capital said that its incubator company known as Angkasa-X has entered into an MOU with Silkwave Holdings Limited. The MOU surrounds the formation of a joint venture to develop and operate the world’s first GEO-LEO integrated satellite network and services platform. 

Through the network, GRNQ said it intends to provide innovative integrated satellite-services to address the ASEAN region’s varying needs in internet connectivity, multimedia infotainment, vehicle-connected services, precision tracking and navigation, environmental monitoring and surveillance, and accelerated digital transformation to grow the digital economy for all communities in the ASEAN region. 

GRNQ went on to explain that the partnership will establish a Space Technology Ecosystem in Penang, Malaysia and to nurture the state into a supply chain and distribution hub for global satellite technologies. 

Both parties are working to set up an ASEAN-Greater Bay Area Space-Satellite Industry Alliance to accelerate the technology and investment transfer to develop the ASEAN region as one of the world’s largest satellite markets. 

When it comes to funding, the company said that the Bank of Asia has been appointed as the global financial advisor for fund raising for Angkasa-X and Silkwave developments. Moreover, the company said that it owns 28 million shares of Angkasa-X and is planning to list the company via an IPO on a United States exchange by the end of this year. 

Management Commentary

In a statement, Dr. Lee, CEO at Greenpro, had the following to offer:

The Partnership is the first between a GEO and a LEO platform, which will bring about unprecedented synergies such as universal connectivity along with abundant low-cost and innovative infotainment and broadband data services to mass-market consumers throughout the ASEAN region. This will usher in a new era of digital transformation in this growth market and leapfrog it into one of the most advanced satellite service markets in the world.

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Final Thoughts

All told, this is great news for GRNQ and its investors. The new joint venture has the potential to not only drive significant revenue, but to land the company in the position as one of the top dogs in the space satellite industry. Not to mention, investors are likely excited about the coming IPO of Angkasa-X. All told, the strong gains are happening for a very good reason! 

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