Greenpro Capital Corp. (GRNQ) stock prices skyrocketed by 89.04%, to USD$1.246 in the current market trading today.
GRNQ Stock MOU with Silkwave
August 20th, 2021 saw GRNQ stock announce that Angkasa-X, its incubator company, has signed a Memorandum of Understanding (MOU) with Silkwave Holdings Ltd. (Silkwave). The MOU will result in the formation of a joint-venture strategic partnership. The partnership will aim to develop and operate the world’s first GEO-LEO integrated satellite network and services platform.
Scope of Unaddressed Needs
These will serve to facilitate innovative integrate satellite services to address the ASEAN region’s varying needs. These needs range from Internet connectivity, multimedia infotainment, vehicle-connected services, precision tracking and navigation, and environmental monitoring and surveillance. The region also requires the acceleration of the digital transformation to grow the digital economy for all communities.
Aim of Strategic Collaboration
The strategic collaboration I on track to establish a Space Technology Ecosystem in Menang, Malaysia. The partnership is also set to nurture the state into a supply chain and distribution hub for global satellite technologies for the ASEAN market. Both parties aim to set up an ASEAN-Greater Bay Area Space-Satellite Industry Alliance. This alliance will be designed to accelerate technology and investment transfer to develop the ASEAN region into one of the world’s largest satellite markets.
Additional Details
In regard to the funding of its operations, the Bank of Asia (BOA) has been appointed as the global financial advisor for the company. BOA will manage fund raising efforts for developments in the Angkasa-X and Silkwave developments. GRNQ stock owns 28 million shares in its incubator company, Angkasa-X. The company is planning to list AngKasa-X on a United States Exchange via an IPO by the end of the fiscal 2021 year. The partnership is a pioneering effort between a GEO and an LEO platform. It is expected to usher in unprecedented synergies such as universal connectivity along with abundant low-cost and innovative infotainment and broadband data services. The services will be offered to mass-market consumers throughout the ASEAN region.
Future Outlook for GRNQ Stock
The company reported a strong quarter with the recent signing of its MOU with Silkwave resulting in a massively expanded scope of opportunities. GRNQ stock is keen to continue its trajectory of success as it effectively leverages the combined resources at its disposal. Investors are hopeful that this will translate into significant and sustained increases in shareholder value.
