Touchwood the only agro-forestation company in Sri Lanka has commenced cultivating 350 acres of mahogany in Girandurukotte increasing its asset base.
Touchwood, CEO Channa Abeygunawardena told the Daily News Business that this move is a result of recent rights issue of the company to the value of Rs 534 million which was oversubscribed by 49 per cent. The rights issue was part of the strategies placed for the future, ensuring that company remain profitable for decades to come. He said that future value is at the core of the Touchwood business proposition and consumers are increasingly demanding timber from sustainable sources.
"The proportion of timber harvested from old growth natural forests will decline in favour of timber from sustainable managed resources in the future", he said.
Abeygunawardena said Touchwood has a bullet proof business model that paves the way for the enhancement of its 25,000 strong client base's investments.
It is significant that the entire plantation is fully insured and every tree is numbered and every plot is tagged.
"Any tree cannot be sold twice under this system," he said.
He ensured of its ability to redefine the investment industry in Sri Lanka by proving that agro plantation returns are a win-win solution for all investors and future generations. Touchwood will also introduce new products to the market and has plans to invest in research and development facilities partnering with academic institutions to develop more environment friendly agricultural practices.
"It will also strengthen the brand image and improving efficiency to create stakeholder value now and in the future as it is a system dependant company with every policy process and procedure mapped electronically and adhered to fully," he said.
source - www.island.lk
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