8 Nov 2021
Readen Holding Corporation (OTC Pink: RHCO) Announces a Profitable Sale of Prime France Real Estate
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 sale of a prime France real estate which it has acquired earlier this year, to ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ for the amount of EUR 2,070,000.
The 84 acres of prime real estate is located alongside the historic Rhone River, one of the most significant waterways of Europe and is the only major river flowing directly to the Mediterranean Sea. It can be developed to 690 houses, villas and apartments for sale and lease.
ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ ( www.angelovalentinomarble.com ) is Turkeys largest holder of marble reserves. In this transaction, RHCO has sold its 100% owned subsidiary Quentin S.A., which owns the real estate and has the license to build property on the land, to ANGELO. The amount of EUR 2,070,000 (approx. USD 2.4 million) will be paid by convertible bond of ANGELO, which will be converted at 50% discount into 200 shares of ANGELO. Based on the valuation report of Baker Tilly (one of the largest valuation firms in the world) as at 31 March 2021, those shares worth approximately USD 4.8 million.
Richard Klitsie, CEO of RHCO stated, "The acquisition of the real estate was a decision of previous management. Now by completing this transaction, we are not only making a sizable profit, but it would also make us a shareholder of a larger organization. This would allow RHCO to focus more in Fintech, Online Payment and E-commerce industries."