September 2022 marks our second year of the Finterra Global Plantations Paulownia plantation project. In two years, we are happy to share that we have completed the successful planting of 600,000 trees, covering 2000 acres in Anak Kulim, Kedah.
Since our last update, we have also had a visit by the audit team of the custodian trustee who visited Anak Kulim to see for themselves the progress of the project and to verify that the trees planted tally with the funding deployed. They visited all regions of the plantation and were impressed with the plantation management and work done so far.
Additional to this, we have also had both existing and potential clients visit the Anak Kulim plantation to see the progress of the plantation. Most are left extremely impressed by the scale of the plantation, which itself takes a whole day to visit and see.
A new phase of 500 acres has started being planted at Anak Kulim, which equates to 150,000 trees once done. Also, since Anak Kulim is a hilly plot of land, we have done terracing of the land to make space and good use of it for planting the Paulownia trees. As for the existing trees which comprise of various sizes, these are being maintained regularly by planting partners. Scheduled pruning, weeding and grass-cutting take place. We have also moved on to utilizing organic amino acids for weeding, which is safe to the environment as part our efforts in adhering to ESG criteria. We also took the opportunity to capture aerial photos and video using our drones to show the scale and progress of the plantation.
To summarize, The FINTERRA Global Plantations Paulownia project is well on schedule as per the project plans. All the planting targets for the phases are being met, with minimum disruption. We haven’t experienced any time loss thanks to FGP’s careful planning and the early implementation of enough mitigations. Every tree that is developing is doing so within the normal growth range. Plantation regular maintenance tasks are completed in accordance with the PM plan, with no failures. Overall, the project is moving well, and we consistently make our coupon pay-outs on schedule.