Readen Holding Corporation (OTC Pink: RHCO) is a listed venture capital corporation with a history of over 30 years. It has a long history of engaging in the retail trade and more recently it is active in the Fintech, Online Payment and E-commerce industries. RHCO has subsidiaries and liaison offices in Europe, Asia and New Zealand.
RHCO has made a strategic decision to pursue an investment strategy that takes an integrated asset approach with a focus on Payments, E-commerce and their supporting Infrastructure technologies. In addition to seeking a structured balance between short-term revenue and long-term outperformance multiples, RHCO continues to find value in distressed assets. This has always been supported by its strong turnaround abilities and disposal of non-performing assets.
Latest News from RHCO
19 Feb 2024
Readen Holding Corporation (OTC PINK: RHCO), a Venture Capital Corporation with a focus on the Fintech, Online Payment, and E-commerce sectors, today announced that it has acquired 9% shares of Excellentaste International Group Limited in Hong Kong (hereinafter “Excellntaste International”, Chinese brand known as 良糧國際).
Excellentaste International (www.etaste.com.hk) is a premier KOL short-video-based e-commerce company, renowned for its operations in Hong Kong and China. With a vast network of over 30,000 KOL (key opinion leaders), it specializes in online sales of diverse consumer products. The company demonstrated robust financial performance, reporting audited revenue of HKD 26.7 million (~USD 3.42M) and net profit after tax of HKD 2.4 million (~USD 307,700) for the fiscal year ending on December 31, 2023. RHCO has expressed its intention to acquire 100% ownership of Excellentaste International, contingent upon their performance, by the conclusion of the year 2024.
Through the acquisition of Excellentaste International, RHCO has successfully fortified its e-commerce presence in Asia, particularly in the online retail sector. Additionally, this strategic move enables Excellentaste International to leverage the online platform www.neckermanndirect.eu, a wholly owned subsidiary of RHCO, to effectively market its products to consumers in both the Asian and European markets.
Harry Westbroek, CEO of RHCO stated, "I am thrilled that we have started our strategic investment in Excellentaste International, and we will be integrating all existing product lines into our operations. We anticipate significant benefits from the synergies within RHCO’s online retail business through this exciting partnership, particularly leveraging Excellentaste's robust KOL network in Asia. As we propel our business forward, we strive to strike a structured balance between short-term revenue and long-term outperformance multiples. This investment significantly bolsters our direct reach to consumers in Asia, providing considerable strength to our operations.”
Rainbow Ngan, founder and CEO of Excellentaste International, remarked, "This marks a monumental milestone in the company's history as we embark on our listing journey in the USA capital market. Amidst a global scarcity of genuinely healthy food sources, we have strategically acquired multiple food supply technologies, securing our sources directly from farms and establishing efficient distribution channels to reach customers directly. With these advancements, Excellentaste International is poised to extend its services beyond Hong Kong."
12 Sept 2023
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced the appointment of Johannes H Westbroek (a.k.a. Harry Westbroek) as its new Chief Executive Officer, effective 1 September 2023.
Harry Westbroek originally joined RHCO in November 2022, serving as the Director of European Business. In this capacity, he oversaw the Company's European subsidiaries, including Okey Media BV and OK-2 BV, and was later promoted to the position of Chief Operating Officer for Fintech.
With an extensive and distinguished career in International Business, Harry Westbroek brings a wealth of experience across Venture Capital, Fintech, Media, Lotteries, and Start-ups. His leadership roles in renowned global enterprises, such as Managing Partner of WiseBourne International BV, CEO of Proximity Wolves BV, CEO of Venture Fund T-Space, among others, have cemented his reputation as a seasoned industry professional. He was also Managing Director of De Lotto in the Netherlands and Ecolot Lottery Uzbekistan. He held managing positions in DigiPay, T-Space and Tornado Insider, incubating, structuring and managing start-ups.
Harry Westbroek possesses a solid background in media, having held key positions at Moscow Times, Independent Distributors Inc (Cosmopolitan, Playboy), Wegener Magazine Group, and News Tribune at various points in time. His expertise spans both traditional and digital publishing, along with a deep understanding of the adjacent advertising industry.
Harry holds an Nyenrode Wharton MBA and has served as an Associate Professor at UIBS Business School in Antwerpen/Barcelona/Brussels. He has also contributed as a Lecturer at Intercollege Business School in Amsterdam. Furthermore, he assumed the role of EC Director for Central Asia, overseeing the management and implementation of the Tacis Ecological Awareness Program. Notably, as a social entrepreneur, he initiated the Society Treasure Reserve and DestinA (My Destination Armenia), with a focus on further developing the Armenian Silicon Valley and fostering an international community of Digital Nomads in Armenia.
Expressing his enthusiasm for his new role, Harry Westbroek stated, “I am truly honored to take on the position of CEO at RHCO. Leading an organization at the forefront of the Fintech industry presents a unique and exciting challenge. I am invigorated by this opportunity, recognizing the tremendous growth potential within RHCO's various companies and projects in the years ahead. Throughout my career, I have centered my leadership on operational excellence and a people-centric approach, firmly believing that success arises from creating an environment that unites all facets of an organization toward a common objective. I eagerly anticipate contributing to RHCO's mission of delivering world-class products and services in the Fintech, Online Payment, and E-commerce sectors.”
25 Aug 2023
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation active in the Fintech, Online Payment, and E-commerce industries, announced today that the Company has filed its financial statements for the year ending June 30, 2023, with OTC Markets Disclosure & News Service.
RHCO reported a significant increase in Revenue of 44% compared to 2022. The Company also achieved remarkable Earnings, up 364% year-over-year, demonstrating its robust performance and potential for sustainable growth.
These outstanding results are a direct consequence of RHCO's steadfast commitment to evolving into a formidable Fintech enterprise. By harnessing the synergies within its portfolio, comprising fully-owned subsidiaries such as OkePay, Oke Partners (OkeApp), and Readies, RHCO is exceptionally well-positioned to capitalize on the burgeoning global E-payment sector.
In particular, Readies, the evolutionary payment solution which made a significant contribution to the Company's revenue in early 2022, has gained momentum again with its new upgraded version utilizing blockchain technologies. The number of merchants and customers using Readies has significantly increased in the past few months, as it caters specifically to merchants operating in high-risk sectors, including Gaming, Gambling, Adult Entertainment, Nutraceuticals, Forex, Online Courses, and more.
In addition to its Fintech endeavors, RHCO's E-commerce and Retail segment shines brightly, with Neckermann Direct operating at full capacity. Neckermann Direct has successfully connected European customers with a wide array of Asian products, adding thousands of popular items daily through a strategic collaboration with AliExpress to facilitate cross-border orders. The growing popularity of Neckermann Direct has brought significant revenue to the Company.
Earlier this week, RHCO announced a full-scale extension of its various payment gateways, allowing merchant partners to accept cryptocurrencies in addition to all conventional payment methods. With this comprehensive extension and upgrade, OkePay, RHCO's primary payment platform, and Readies will offer an expansive array of payment methods. In addition to conventional payment options like Visa, Mastercard, American Express, Union Pay, PayPal, and more, merchants can now seamlessly accept payments from e-wallets (e.g. SEPA, Alipay, WeChat Pay, etc.), direct banking, and, notably, all major cryptocurrencies. This includes but is not limited to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), Dash (DASH), Cardano (ADA), and many others. The Company anticipates providing the largest selection of payment options available to merchants and customers in all sectors and markets, with over 200 payment options available. This spectacular development would add extra momentum to the Company, and its growth will certainly accelerate in the coming year.
Harry Westbroek, COO of Fintech RHCO, stated, “We are absolutely thrilled to share these fantastic results that underscore our firm commitment to making waves in the Fintech industry. Our relentless drive for innovation and the strong collaboration among our subsidiaries have paved the way for impressive growth. We're gearing up for even more success as we expand our payment options to include cryptocurrencies, offering a comprehensive solution for our partners and customers. To our valued shareholders, I want to express our sincere gratitude for your unwavering support on this journey. These remarkable achievements wouldn't have been possible without your trust and belief in our vision. We firmly believe that our dedication to excellence and adaptability will keep propelling our growth, placing us squarely at the forefront of the ever-evolving financial technology landscape. Our commitment to creating value for our shareholders remains steadfast, and we look forward to delivering even more promising results in the future."