Greenpro Capital Corp. (NASDAQ: GRNQ) shares soared 71.56% after the company has announced that it is planning to incubate a Low Earth Orbit satellite communication venture based in Malaysia to cover the ASEAN region. The company aimed to provide internet connectivity to those areas where the proper internet connectivity hasn’t reached yet and areas and places where traditional internet connectivity is limited with no fiber or 5G available.
Greenpro has revealed that the new company will provide internet connectivity via satellite for the South East Asia region. The company has revealed that it is planning to work closely with SEATech Ventures Corp to work on this communication project. This project will help the Borneo and other remote islands to get the benefit of internet connectivity.
Greenpro Capital Corp. (NASDAQ: GRNQ) shares were trading up 71.56% at $1.87 at the time of writing on Monday. Greenpro Capital Corp. share price went from a low point around $0.21 to briefly over $3.12 in the past 52 weeks, though shares have since pulled back to $1.87. It has moved up 790.48% from its 52-weeks low and moved down -40.06% from its 52-weeks high. GRNQ market cap has remained high, hitting $72.20M at the time of writing.
Greenpro Capital Corp. intends to provide internet connectivity services to rural areas and provide the infrastructure to drive e-commerce transactions and development along with cloud-based data-centers for the local economies. The company is best known for materializing many projects of this kind earlier. GRNQ and the group of companies hold 40 million shares of SEATech Ventures Corp out of 92.5 million shares issued.
GRNQ has earlier recorded a dividend of 1 DQWS share for every 5 GRNQ shares for shareholders of record on September 30, 2020. The recent closing price of DQWS was $8.50 which constitutes a dividend value of $102 million to GRNQ shareholders. The company revealed that it is planning several other dividends of the other companies this year.