Greenpro Capital Stock soars on satellite network deal

Greenpro Capital shares (GRNQ) – Get the report from Greenpro Capital Corp. jumped more than 70% on Friday after the financial services company said it signed a memorandum of understanding to form a partnership to develop and operate a satellite network and
Southeast Asia service platform.

Greenpro is committed to providing business solution services to small and medium businesses.

Shares of the Kuala Lumpur, Malaysia-based company rose 71.39% to $ 1.12 on Friday.

The planned partnership between Greenpro’s incubator company, Angkasa-X, and Silkwave Holdings aims to meet the Internet connectivity need of the Southeast Asian market.

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“This will usher in a new era of digital transformation in this growing market and transform it into one of the most advanced satellite service markets in the world,” Greenpro chief executive Lee Chong Kuang said in a statement. .

The partnership will establish a space technology ecosystem in Penang, Malaysia, and make the state a supply chain and distribution center for global satellite technologies for the ASEAN market.

Greenpro owns 28 million shares of Angkasa-X and intends to list the company through an initial public offering on a US stock exchange by the end of this year.

The Bank of Asia will serve as financial advisor for fundraising.

Sallie R. Loera