READEN HOLDING CORPORATION (OTC PINK: RHCO) Announces Its Increase In Shareholding Of ANGELO MERMER MARBLE MINING AND DISTRIBUTION

Rhea-AI Summary

Readen Holding Corporation (OTC PINK: RHCO) announced an increase in its shareholding of ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ, Turkey's largest marble reserve holder, from 3% to 5%. The company’s high-grade recoverable onyx marble reserve stands at 1 million tons, valued at approximately USD 1 billion. RHCO sold its subsidiary Quentin S.A. to ANGELO MERMER for EUR 2,070,000 (USD 2.4 million) in convertible bonds, allowing RHCO to capitalize on Turkey's currency depreciation. This move enhances RHCO's export rights of onyx marble to China, tapping into Asia's growing marble market.

Positive

• Increased shareholding in ANGELO MERMER from 3% to 5%.
• Investment value of ANGELO MERMER estimated at USD 1 billion.
• Strategic export rights to China for onyx marble, potentially increasing profit margins.

Negative

• Dependence on the Turkish Lira depreciation for shareholding increase.

HONG KONG, Dec. 6, 2021 /PRNewswire/ -- READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced that it has increased the shareholding of ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ (www.angelovalentinomarble.com).

ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ is Turkey's largest holder of marble reserves. It operates an onyx marble mine located in Manisa, Turkey. Onyx is a rare and exotic stone with stunning patterns and veining in each slab that is not available easily. According to ANGELO MERMER, its economically recoverable high-grade reserve amount to 1 million tons. Its total onyx reserve accounts for 5% of the world's total onyx reserves. Based on the valuation report of Baker Tilly (one of the largest valuation firms in the world) as of 31 March 2021, the investment value of ANGELO MERMER was calculated at USD 1 billion.

In an earlier transaction, RHCO has sold its 100% owned subsidiary Quentin S.A., which owns 64 acres of prime real estate in France and has the license to build property on the land, to ANGELO MERMER. The transaction amount of EUR 2,070,000 (approx. USD 2.4 million) was paid by convertible bond of ANGELO MERMER which value at approximately USD 4.8 million. RHCO has since converted the bonds into ANGELO MERMER shares. And as the Turkish Lira has depreciated rapidly, RHCO is able to increase its shareholding of ANGELO MERMER from 3% to 5% of total shares.

RHCO will have the right to handle the sales and export of ANGELO MERMER's raw onyx marble blocks into China. With both the currency and liquidity crisis in Turkey, RCHO realizes the opportunity of minimizing the cost of marble export thus increases the profit margin on the export of the products.

According to a global marble market forecast, the marble market in the Asia Pacific region is projected to grow at the highest CAGR (compound annual growth rate) between 2020 and 2025. The growth can be attributed to increasing demand for marble from the region's construction industry in residential and commercial infrastructures, particularly in China and India. China accounted for the major share of the global marble market in 2019, which is driving the growth of the Asia Pacific region.

Richard Klitsie, CEO of RHCO stated, "I think our transaction with ANGELO MERMER has emerged to a super opportunity and solid investment. We would work closely with ANGELO MERMER instantly, as the trading of onyx marble to China would bring us sizable profit for years to come."

Readen Holding Corp. (www.readenholdingcorp.com) is a publicly traded Venture Capital Corporation, with major holdings in the Fintech Industry and has been increasing its investment in E-commerce and E-payment sectors, such as;

www.okepay.biz
www.readies.biz
www.okepartners.com
www.neckermanndirect.eu
www.twopercent.hk
www.fligrofood.com

RHCO is a diversified holding company, with an operating history of over 30 years, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns, in order to maximize value for all shareholders. RHCO has subsidiaries and liaison offices in Europe and Asia.

For further information please contact RHCO at info@readenholdingcorp.com or +852 3950 5911
The RHCO corporate email address is info@readenholdingcorp.com
The RHCO corporate website can be accessed at www.readenholdingcorp.com
The RHCO Twitter account can be accessed at https://twitter.com/readenrhco

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Readen Holding Corp. to accomplish its stated plan of business. Readen Holding Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Readen Holding Corp. or any other person.

Readen Group, RHCO announcement

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SOURCE Readen Holding Corporation

FAQ

What recent acquisition did Readen Holding Corporation (RHCO) make?

RHCO increased its shareholding in ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ from 3% to 5%.

What is the investment value of ANGELO MERMER?

The investment value of ANGELO MERMER is estimated at USD 1 billion.

How much did RHCO sell its subsidiary Quentin S.A. for?

RHCO sold its subsidiary Quentin S.A. for EUR 2,070,000 (approximately USD 2.4 million).

What rights does RHCO gain with ANGELO MERMER?

RHCO gains the right to manage the sales and export of ANGELO MERMER's onyx marble to China.