Greenpro Stock Rallies After Angkasa-X Inks MOU To Develop GEO-LEO Integrated Satellite Network

  • Greenpro Capital Corp's GRNQ incubator company Angkasa-X has signed a Memorandum of Understanding (MOU) with Silkwave Holdings Limited in forming a joint-venture strategic partnership. The financial terms of the deal were not disclosed.
  • The JV partnership will develop and operate the GEO-LEO integrated satellite network and services platform to provide integrated satellite services to address the ASEAN region's varying needs.
  • The Partnership is set to establish a Space Technology Ecosystem in Penang, Malaysia, and nurture the state into a supply chain and distribution hub for global satellite technologies for the ASEAN market.
  • The Bank of Asia will act as the global financial advisor for fundraising for Angkasa-X and Silkwave developments.
  • Greenpro Capital, which owns 28 million shares in Angkasa-X, plans to list Angkasa-X via an IPO on a U.S. exchange by the end of 2021.
  • Price Action: GRNQ shares are trading higher by 105% at $1.34 during the premarket session on Friday.
Market News and Data brought to you by Benzinga APIs
Posted In: Long IdeasNewsPenny StocksMoversTrading IdeasBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!