Greenpro Capital Corp. (NASDAQ: GRNQ) disclosed that its incubator firm known as Angkasa-X has inked a Memorandum of Understanding (MOU) with Silkwave Holdings Limited (Silkwave). As per the agreement, Angkasa-X and Silkwave are going to establish a joint-venture strategic partnership.
Both the firms are planning to create and run the world's first GEO-LEO integrated satellite network and services platform. It is believed that the network will offer sophisticated unified satellite services to tackle the changing needs of the ASEAN region and speeding up the digital revolution to increase the digital economy for all communities in the ASEAN region.
Shares of Greenpro Capital Corp. (NASDAQ: GRNQ) skyrocketed 102% as it has gained +0.6767 at the time of writing on Friday. Greenpro has 28 million shares in Angkasa-X. The firm is intending to list a firm via an IPO on a U.S. exchange by the end of 2021. Moreover, the Bank of Asia (BOA) has been chosen as the global financial advisor for fundraising for Angkasa-X and Silkwave developments.
In addition to this, it has been disclosed that the collaboration is set to create a Space Technology Ecosystem in Penang, Malaysia, and to foster the state into a supply chain and supply hub for global satellite technologies for the ASEAN market. Furthermore, both the firms’ objective is to establish an ASEAN-Greater Bay Area Space-Satellite Industry Alliance to fast-track technology and investment transfer to expand the ASEAN region as one of the world's largest satellite markets.