SUNBIZ

Future Forest Assures Its Shareholders

Future Forests (Fiji) Limited has assured its shareholders there is no reason to panic given that the company has not submitted its audited financials to the South Pacific Stock Exchange
03 Oct 2014 12:27
Future Forest Assures Its Shareholders

Future Forests (Fiji) Limited has assured its shareholders there is no reason to panic given that the company has not submitted its audited financials to the South Pacific Stock Exchange yet.

Future Forests managing director, Masum Buksh, said the reason it was taking them long to finalise the financial was as the company was conducting a comprehensive forest inventory.

He said they missed the deadline as they were doing the final processing of this inventory data and will submit the audited financials as soon as possible.

The company felt it was prudent to complete this so that the timber projections and valuations reports were as accurate as possible.

“We are a teak plantation company and we had asked the SPSE for an extension as we wanted to undertake a comprehensive forest inventory of all our plantations,” he said.

Mr Buksh said this was to ensure they had an up-to-date report on their plantation and estimated future timber years.

“Given the extreme rough conditions, the plantations were this year reassessed to track growth implications from the drought.”

Mr Buksh said the recent rural satellite imageries was also analysed for older plantations to assist with the inventory assessment.

This follows a suspension being placed by the stock exchange on the company’s shares and notes before the trading session opened on Wednesday.

The suspension was attributed to a failure by the company to release its audited financial statements to the market within three months from its financial year ending June 30, 2014.

Performance

Conducting the comprehensive forest inventory, Mr Buksh said, has resulted in a positive increase in the value of the plantations.

He has assured shareholders there are no negatives in the company.

In terms of the company’s performance, Mr Buksh said it was good and they will be posting positive results in their financials.

Future Forests (Fiji)  is the operator of the first teak plantation in Fiji and commenced milling of 50-plus year old growth Teak in Viti Levu.

Teak is considered the best maritime timber for boats and good hardware for indoor and outdoor flooring, doors and furnishings.

Feedback:  rachnal@fijisun.com.fj

 




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