Benzinga | Aug 20, 2021 08:03AM EDT

Greenpro's Angkasa-X Signs MOU With Silkwave Holdings To Form Joint Venture Partnership To Develop GEO-LEO Integrated Satellite Network And Services Platform

Greenpro Capital Corp. (NASDAQ:GRNQ) today announced that its incubator company, Angkasa-X has signed a Memorandum of Understanding (MOU) with Silkwave Holdings Limited ("Silkwave") in forming a joint-venture strategic partnership ("Partnership") to develop and operate the world's first GEO-LEO integrated satellite network and services platform to provide innovative integrated satellite-services to address the ASEAN region's varying needs in Internet connectivity, multimedia infotainment, vehicle-connected services, precision tracking and navigation, environmental monitoring and surveillance, and accelerating digital transformation to grow the digital economy for all communities in the ASEAN region.

( https://www.nst.com.my/business/2021/08/717137/angkasa-x-silkwave-set-make-penang-aseans-regional-space-technology)

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. Both parties aim to set up an ASEAN-Greater Bay Area Space-Satellite Industry Alliance to accelerate technology and investment transfer to develop the ASEAN region as one of the world's largest satellite markets.

On the funding part, the Bank of Asia (BOA) has been appointed as the global financial advisor for fund raising for Angkasa-X and Silkwave developments.

Greenpro 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.