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READEN HOLDING CORPORATION (OTC PINK: RHCO) Announces Its Increase In Shareholding Of ANGELO MERMER MARBLE MINING AND DISTRIBUTION
READEN HOLDING CORPORATION (OTC PINK: RHCO) Announces Its Increase In Shareholding Of ANGELO MERMER MARBLE MINING AND DISTRIBUTION.
About this update from Readen Holding Corp.
[{"type":"text","content":"\n\n\n\nREADEN HOLDING CORPORATION (OTC PINK: RHCO) Announces Its Increase In Shareholding Of ANGELO MERMER MARBLE MINING AND DISTRIBUTION\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nREADEN HOLDING CORPORATION (OTC PINK: RHCO) Announces Its Increase In Shareholding Of ANGELO MERMER MARBLE MINING AND DISTRIBUTION\nPR Newswire\nHONG KONG, Dec. 6, 2021\n\n\n\nHONG KONG, Dec. 6, 2021 /PRNewswire/ -- 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).\nANGELO 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.\nIn 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.\nRHCO 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...