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Greenpro Capital Corp's (NASDAQ: 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.
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