KUALA LUMPUR - Greenpro Capital Corp. (NASDAQ:GRNQ) has announced the listing of KS Digital's "KSGEMS" Token on its Shariah Compliant ESG Digital Asset Exchange, GreenX. The token, which represents investment-grade gemstones, aims to provide investors with a new avenue for portfolio diversification through blockchain technology.
KS Digital, a company specializing in sapphire gemstones, has a portfolio that includes 28 high-quality gemstones such as sapphires, rubies, alexandrites, and emeralds, totaling 498.04 carats and valued at approximately $24.37 million. For Security Token Offering (STO) investors, the company is offering a 21.28% discount, bringing the net asset value to $19.18 million.
The "KSGEMS" Token, priced at $1.00 per token, will allow token holders to potentially benefit from the appreciation of these gemstones and entitles them to regular dividend or bonus distributions. Greenpro plans to conduct private auctions semi-annually to sell the gemstones if market conditions are favorable, with proceeds distributed to token holders.
Dato' Ch'ng, Director of KS Digital, emphasized the importance of security, compliance, and authentication in their business, assuring that all gemstones are securely managed. Each gemstone is multi-certified by renowned gemological laboratories, providing an added layer of assurance for investors.
GreenX CEO, Philip Tam, welcomed KSGEMS to their list of tokens and highlighted the growing interest in fine arts and collectibles as alternative asset classes. Greenpro aims to list similar assets on GreenX by the end of the year.
The insurance coverage for the gemstones is provided by Tokio Marine, and Masryef Advisory serves as the Shariah Advisor for the listing. This initiative is part of Greenpro's broader strategy to integrate valuable tangible assets with blockchain technology for enhanced security and transparency.
The information in this article is based on a press release statement from Greenpro Capital Corp.
In other recent news, Greenpro Capital Corp is facing a potential NASDAQ delisting due to non-compliance with the exchange's minimum bid price requirement. The company's common stock had closed below the threshold of $1.00 per share for 30 consecutive business days, prompting the NASDAQ to issue a warning. Greenpro Capital Corp has been granted a 180-day period to regain compliance, which can be achieved by maintaining a closing bid price of at least $1.00 for ten consecutive business days.
In other developments, GreenX, a subsidiary of Greenpro Capital Corp, is nearing the signing of a Memorandum of Understanding (MOU) with Dubai's Sharia Digital Technologies FZ LLC and Indonesia's PT Digital Syariah Teknologi (DST). This partnership aims to expand GreenX's Shariah-compliant digital asset exchange services globally, enhancing financial inclusivity for Islamic communities worldwide.
GreenX's Chief Exchange Officer, Philip Tam, highlighted the potential benefits for small and medium enterprises (SMEs), farmers, and fishermen in Indonesia. The agreement is expected to improve their access to financial resources in accordance with Shariah principles. These are recent developments within the company.
InvestingPro Insights
Greenpro Capital Corp. (NASDAQ:GRNQ), with its recent venture into blockchain-based asset diversification, presents a unique profile for investors considering the integration of technology and traditional investment assets. According to InvestingPro data, Greenpro Capital has a market capitalization of $7.39 million and exhibits a high gross profit margin of 83.97% for the last twelve months as of Q2 2024. Despite this, the company faces challenges with a negative revenue growth of -7.66% during the same period and an operating income margin of -59.39%, reflecting the company's current financial performance.
InvestingPro Tips suggest that GRNQ's stock has a history of high price volatility and has not been profitable over the last twelve months. Additionally, the stock has seen a significant decline over the last six months, with a -35.0% price total return, which may be of interest to investors looking for potential turnaround opportunities or those with a higher risk tolerance.
For investors seeking deeper analysis, there are additional InvestingPro Tips available, which could provide further insights into GRNQ's financial health and market performance. These tips, among others, can be explored in detail at the InvestingPro platform, which currently lists six more tips for Greenpro Capital Corp.
It is also worth noting that the InvestingPro Fair Value estimate for GRNQ is $1.23, which is higher than its previous closing price of $0.98. This discrepancy could indicate a potential undervaluation, assuming the accuracy of the fair value estimate, which might be an attractive point for investors considering an entry into the stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.