Benzinga | Aug 20, 2021 11:18AM EDT

Why Greenpro Capital's Stock Is Soaring Today

Greenpro Capital Corp. (NASDAQ:GRNQ) shares are trading higher after the company announced its Angkasa-X signed a Memorandum of Understanding with Silkwave Holdings to form a joint venture partnership to develop a GEO-LEO integrated satellite Network and services platform.

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, said in the company's press release.

Greenpro Capital Corp operates and provides business solution services to small and medium-size businesses located in South-East Asia and East Asia, with focus on Hong Kong, China and Malaysia, and in Thailand and Taiwan.

Greenpro's stock was trading about 76% higher at $1.15 per share. The stock has a 52-week high of $4.15 and a 52-week low of $0.64.