8 Sep 2022
Readen Holding Corporation (OTC Pink: RHCO) Announces Promising Start of Onyx Marble Trading Business
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.”