Kuala Lumpur, Malaysia – December 10, 2020 – Finterra Global Plantations (FGP) has announced the start of its second phase of planting 500 acres of the highly in demand Paulownia tree. This comes after it successfully completed planting the first phase in a joint venture with United Paulownia Plantation Sdn Bhd (“UPP”), a subsidiary company of Green Afforestation International Network (Gain Green) earlier in the year.
The announcement of the launch of the second phase was made after a signing ceremony between both the Founder of Gain Green, Mr EL Law and the CEO of Finterra Global Plantations at Finterra’s office in Bukit Damansara, Kuala Lumpur. According to CEO, of Finterra Global Plantation, Satesh Khemlani, the focus of the joint venture has been one driven by sustainable afforestation and working closely together to meet the demands of the Timber industry both locally and internationally. Through this agreement, 150,000 Paulownia trees are being planted over the next 6 months in Kedah on a 500 acres land, with plans to expand this venture at the rate of two and a half thousand acres every year, for the next four years, totalling its planting acreage to 10,000acres in Malaysia with a total investment of approximately RM50million.
The Paulownia wood itself is one which is in great demand due to its properties and uses. It is a light, yet hardwood with numerous applications including being used to produce plywood, furniture, doors, wooden panels, veneers just to name a few. Another great characteristic of this tree is that it is able to absorb ten times more carbon dioxide and produce ten times more oxygen as compared to other trees. In this way Finterra Global Plantation together with UPP will also contribute to reducing carbon footprint and do their part in helping the government’s initiative of planting one million tree in the next ten years.
Finterra is also known for its role in developing Waqf. This project will bring Finterra’s Waqf asset development knowhow to large scale sustainable land development with impact investing and supports the company’s vision of entering into more sustainable yet profitable green ventures. This segment of business will be an addition to its current business which is providing blockchain based technology solutions for crowdfunding which are secure, transparent and traceable. Finterra will be utilizing the blockchain to monitor the development of its plantations.
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