Shares of Greenpro Capital (NASDAQ: GRNQ) are rallying premarket after announcing that its incubator company, Angkasa-X has signed a Memorandum of Understanding (MOU) with Silkwave Holdings.
The two companies will form a joint-venture strategic partnership to develop and operate the world’s first GEO-LEO integrated satellite network and services platform.
The platform will provide integrated satellite services for the ASEAN region. It will help the region address internet connectivity, multimedia infotainment, vehicle-connected services, precision tracking and navigation, and environmental monitoring and surveillance.
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“The Partnership is set to establish a Space Technology Ecosystem in Penang, Malaysia and to nurture the state into a supply chain and distribution hub for global satellite technologies for the ASEAN market,” the company said in a statement.
In addition, the companies are aiming to create an ASEAN-Greater Bay Area Space-Satellite Industry Alliance.
Greenpro holds 28 million shares in Angkasa-X and is planning to list the company via an IPO on a U.S. exchange by the end of 2021.
The Hong Kong-based company’s share price has skyrocketed 105% premarket to $1.34, trading at a level not seen since early July.
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