6 Dec 2021
Readen Holding Corporation (OTC Pink: RHCO) Announces its Increase in Shareholding of Angelo Mermer Marble Mining and Ditribution
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."