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
30 Sep 2022
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 Company is currently labeled a Yield Sign (Pink Limited Information) on the OTC Markets.
The Company has filed its annual financial statements for the year ending June 30, 2022 with OTC Markets Disclosure & News Service in August. Yet due to an adjustment of the lawyer opinion letter, there has been a delay of submitting the letter, thus the OTC Markets has labeled RHCO a Yield Sign for the time being. As all new information has been filed, RHCO is expecting the Yield Sign to be taken off and resume to Pink Current within a few working days.
8 Sep 2022
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 Company’s partly owned ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ has resumed operation and completed a first shipment of onyx marble to China.
ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ is Turkey’s largest holder of onyx marble reserves. It operates an onyx marble quarry 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 total onyx reserve accounts for 5% of the world’s total onyx reserves, and its economically recoverable high-grade marble reserve amount to 1 million tons. 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.
RHCO owns 5% of total shares of ANGELO MERMER and also has the right to handle the sales and export of ANGELO MERMER’s raw onyx marble blocks into China. Due to Covid-19, the global trading and shipping of marble has been disrupted for a long period. Yet the demand of onyx marble has resumed since early 2022. RHCO has realized the opportunity and started selling ANGELO MERMER’s onyx marble to China, Italy and Spain. The first shipment which included 23 containers of onyx marble to China has just completed, as each of them contained approximately 24 tons of onyx marble and valued at USD 12,500. This first shipment of USD 300,000 onyx marble was part of a deal with a Chinese client who ordered 500 tons of onyx marble per month. The client has signed a contract to purchase around USD 4M onyx marble for the next 12 months.
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, “We have invested in ANGELO MERMER at the right timing. Multiple clients around the world, especially China, have sent us enquiries about our onyx marble business. And with the currency and liquidity crisis in Turkey, we are able to minimize the cost of marble export thus increases the profit margin. We expect the trading of onyx marble would bring us sizable profit not only for this year, but for many years to come.”
26 Aug 2022
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 the Company has filed its financial statements for the year ending June 30, 2022 with OTC Markets Disclosure & News Service.
RHCO reported an increase in Revenue of 283% compared to 2021. The Company also achieved impressive Earnings from Operation, up 25% year-over-year. Yet the Company recorded a loss in Net Profit due to the underperformance of the share price in Tianrong Medical Group, Inc. (OTC: TNMD).
The increase in Revenue and Earnings from Operation is a result of RHCO’s continuing effort to transform itself into a Fintech enterprise. With the synergy of the Company’s fully owned OkePay, OkeApp and Readies, RHCO has prepared extremely well for the huge growth in E-payment sector globally. Readies the E-voucher solution has already contributed significantly to the Company’s revenue last year, and OkePay is expected to outperform Readies with the full launch of OkeApp in 4Q of 2022. The Company has recently revised the financial forecast of OkeApp to achieve higher revenue as new features of Oke Travel Club and E-doctor will be added to the super App.
E-commerce and Retails section of RHCO is also welcoming a bright future, with both Neckermann Direct and Two Percent are fully operating. RHCO has successfully transformed the 90 years old retail brand Neckermann into a B2C E-commerce Platform, and it is bringing Asian products to European customers. Thousands of popular products are added to the platform every day as RHCO has made arrangement with AliExpress to fulfill cross-border orders. Two Percent, on the other hand, are shipping European high brand products to Asian customers. Hundreds of world-famous brands’ fashion, cosmetic and skin cares products can be purchased online and shipped worldwide, with crazy discount price and free shipping. The increase popularity of Neckermann Direct and Two Percent will also promote the usage of OkePay and OkeApp.
Other revenue is also expected from the Company’s recent investment in ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ, the largest holder of marble reserves in Turkey. It operates an onyx marble mine located in Manisa, Turkey, and its economically recoverable high-grade reserve amount to 1 million tons which is about 5% of the world’s total onyx reserves. Based on the valuation report of Baker Tilly as of 31 March 2021, the total investment value of ANGELO MERMER was valuated at more than USD 1 billion. RHCO now holds 5% of total ANGELO MERMER shares. This investment has already brought RHCO earnings, but it has not yet reflected on the balance sheet. RHCO also has the right to handle the sales and export of ANGELO MERMER’s raw onyx marble blocks into China. Such exporting operations have started recently, with marble blocks being sold and shipped to China, Italy and Spain. This will bring significant income to the group.
The only investment that hit RHCO with a loss was TNMD. RHCO acquired 2.2 million shares of TNMD in 2021 which equals to 0.5% of TNMD total shares. The technology company owns the largest railway Wi-Fi media platform HuanMedia in China, yet its business has suffered during Covid time thus the share price dropped drastically.
Richard Klitsie, CEO of RHCO stated, “For the past year, RHCO has taken many steps to clear up our business, focusing more on Fintech, Online Payment and E-commerce industries, and developing our own technology and solutions. This has been a year of digging, seeding, watering and fertilizing, and we believe the harvest days are coming. Our team is working hard every day to enhance every details of our business. We are on the right track and looking forward to our up-listing process to be completed very soon.”