Greenpro Capital Corp. (GRNQ.Q) announced today that its incubator company, Angkasa-X, has signed a Memorandum of Understanding (MOU) with Silkwave Holdings Ltd. in forming a joint-venture strategic partnership to develop and operate the world’s first GEO-LEO integrated satellite network and services platform.
“The Partnership is the first between a GEO and a LEO platform, which will bring about unprecedented synergies such as universal connectivity along with abundant low-cost and innovative infotainment and broadband data services to mass-market consumers throughout the ASEAN region. This will usher in a new era of digital transformation in this growth market and leapfrog it into one of the most advanced satellite service markets in the world,” said Greenpro CEO, Dr. Lee.
It’s been a pretty slow news day, so when a company with a market capitalization of $79.764 million is up 114% and is only trading at $1.40, you bet your sweet bippy I’m going to cover it. The only problem is, I don’t know much about satellite networks or even Greenpro, so bear with me. For starters, Greenpro is a business incubator with a diversified portfolio comprising finance, technology, banking, CryptoSx for STOs, health and wellness, and fine art. In case you were wondering, an incubator company refers to a business that provides early-stage companies access to mentorship, investors and other support to help them get established. Unlike the robin egg I tried to incubate with a scarf, Greenpro’s incubation efforts are actually productive and worthwhile. The Company provides a wide range of services including, but not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, and record management services.
Now that we have a general understanding of Greenpro, let’s talk about its incubator company, Angkasa-X. Angkasa-X is a technological-social inclusion company committed to providing internet connectivity as a necessity for the betterment of mankind. Angkasa-X is comprised of several companies investing in research and development, IP creation, technology and components sourcing, assembly-integration-testing, launching and maintaining state-of-the-art Low-Earth-Orbit (LEO) satellites. Ultimately, Angkasa-X’s mission is to provide Satellite-as-a-Service (SaaS) to remote rural areas in the countries related to the Association of Southeast Asian Nations (ASEAN). In partnership with Silkwave, Angkasa-X hopes to address the ASEAN region’s varying needs in internet connectivity, multimedia infotainment and vehicle-connected services, among others.
The partnership is set to establish a Space Technology Ecosystem in Penang, Malaysia, which is expected to nurture the state into a supply chain and distribution hub for global satellite technologies in the ASEAN market. Additionally, both Angkasa-X and Silkwave plan to set up an ASEAN-Greater Bay area Space-Satellite Industry Alliance to accelerate technology and investment transfer to develop the ASEAN region into one of the world’s largest satellite markets. Getting into the financials of this partnership, the Bank of Asia (BOA) has been appointed as Angkasa-X’s global financial advisor for fund raising and Silkwave developments. Greenpro currently owns 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.
Greenpro’s share price opened at $1.34, up from a previous close of $0.65. The Company’s shares are up 60% and are currently trading at $1.04 as of 10:53AM ET.