Greenpro Capital (NASDAQ:GRNQ) news for Monday includes plans to launch satellites into orbit sending GRNQ stock rocketing higher.
According to a news release from Greenpro Capital, the company is planning to launch satellites into Low Earth Orbit (LEO). The goal of this is to create a communication venture based in Malaysia that will cover the ASEAN region.
Greenpro Capital says that the creation of this infrastructure will allow it to offer internet to those in rural areas that only have limited have access to it. It notes the lack of fiber and 5G in many of these areas.
Greenpro Capital points out that its satellite plan means that several islands would benefit from internet access. It lists Borneo as one such island that would gain internet access via its plan and notes that other remote islands would also acquire the internet as a result of its plan. It mentions that it will be working with SEATech Ventures for this plan.
CK Lee, the CEO of Greenpro Capital, said the following about the satellite news.
“We are excited by the potential to bring internet connectivity to rural areas and help provide the infrastructure to drive e-commerce transactions and development along with cloud based data-centers for the local economies. We will be working closely with SEATech Ventures Corp to move this critical communications project forward.”
GRNQ stock was up 71.6% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.