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.”
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.oke-travel.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