READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES A STRATEGIC TRANSACTION OF ARES TECHNOLOGY
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 has sold 20% of its subsidiary Ares Technology Limited, which holds the E-commerce businesses Neckermann Direct and Two Percent, to IT Star Limited as a strategic move.
IT Star Limited is fully owned by Cocoon Holdings Limited (0428.HK), a Venture Capital Company listed on the main board of HKEX. IT Star Limited has been a strategic partner of RHCO as it holds 8.6% of total RHCO shares issued after a major transaction last December.
The transaction of 20% Ares Technology will be paid with a bond of Shenzhen Huaqin Agriculture Technology Company Limited, which had a value of HKD 29 million (USD 3.7 million) on 30 June 2022 and bears fixed interest at 8.5% per annual. The bond will mature in December 2023 and RHCO will collect an amount of HKD 32.85 million (USD 4.19 million).
Huaqin Agricultural is a private entity established in China, which is principally engaged in technological development of agricultural and biological product, retail and wholesale of food. With this transaction, RHCO is building a synergy with Huagin Agricultural’s tech team, which will enhance the development of Neckermann Direct (www.neckermanndirect.eu) and Two Percent (www.twopercent.hk), as well as the Company’s B2B food trading platform Fligro Limited (www.fligrofood.com).
Currently RHCO is labeled a Yield Sign (Pink Limited Information) on the OTC Markets, due to an adjustment of the lawyer opinion letter. As all new information has been filed, RHCO is expecting the Yield Sign to be taken off very soon.
Readen Holding Corp. (www.readenholdingcorp.com) is a publicly traded Venture Capital Corporation, with major holdings in the Fintech Industry and has been increasing its investment in E-commerce and E-payment sectors, such as;
OkePay: www.okepay.biz
OkePay VPOS: www.okepay.biz/vpos
OkeApp: www.okepartners.com
Oke Travel Club: www.oketravelclub.com
OkToken: oktoken.biz
Readies: www.readies.biz
Neckermann: www.neckermanndirect.eu
Two Percent: www.twopercent.hk
Fligro: www.fligrofood.com
RHCO is a diversified holding company, with an operating history of over 30 years, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns, in order to maximize value for all shareholders. RHCO has subsidiaries and liaison offices in Europe and Asia.
For further information please contact RHCO at info@readenholdingcorp.com
or +852 3950 5911
The RHCO corporate email address is info@readenholdingcorp.com
The RHCO corporate website can be accessed at www.readenholdingcorp.com
The RHCO Twitter account can be accessed at https://twitter.com/readenrhco
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Readen Holding Corp. to accomplish its stated plan of business. Readen Holding Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Readen Holding Corp. or any other person.
Contact
Readen Holding Corp.
info@readenholdingcorp.com
+852 3950 5911
Readen Holding Corp., RHCO announcement