Newsroom

Last week Chairman Roscoe Maloney visited Vietnam on behalf of Touchwood Investments Limited. Touchwood is proud to announce that it has entered into a MOU (Memorandum of understanding) for the purpose of an equity stake into the Dai Dong Company Pty Ltd.

Based in Vietnam the Dai Dong Company controls around 100,000 acres of suitable plantation land. Together we will work to establish new plantations and expand Touchwoods global reach. Mr Maloney commented saying, “This is a great step forward in the new year as Touchwood prepares for large scale projects.”

On Friday the 5th of February 2010, Touchwood Forestry Co., Ltd. (TFC) participated in the Post Today Investment Expo 2010 at Central Plaza, Ladprao, Bangkok, Thailand; which was opened by the Prime Minister of Thailand, the Hon. Mr. Abhisit Vejjajiva.

Following the opening ceremony, the Prime Minister visited TFC’s exhibition booth, which was based on the theme of ‘a new trend of investment - to save the environment’. The Operations Director of TFC, Mrs. Swarna Maloney along with a number of TFC sales staff, welcomed the Prime Minister of Thailand the Hon. Mr. Abhisit Vejjajiva.

In the financial years 2004/2005 and 2005/2006 Touchwood Investments PLC adopted the fair value method as explained in International Accounting Standard 41 for the preparation of its accounts. However, a decision was made by the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) that the fair value method adopted by the Company was “unreliable”. The Company challenged this decision of the SLAASMB in a writ application (number: 323/2007) in the Sri Lankan Court of Appeal. On 25 January 2010 the Sri Lankan Court of Appeal quashed the decision of the Sri Lanka Accounting and Auditing Standards Monitoring Board against Touchwood Investments PLC.

The cricket match between Touchwood and Softvision was played on the 21st of November at the Railway Grounds amidst rather gloomy weather, which restricted play to a 12 over game.

However, the weather was no barrier for the team as they snatched the Trophy with a 105 run victory, after having scored a magnificent 190 in 12 overs with 6 wickets to spare. The challenging team was 84 for 9 in their allotted 12 overs. Sumith Janaka displayed an unbeaten 80 runs in just 26 balls strengthening the stand for the 5th wicket.

It was organized by the Social Club of TIPLC in order to boost team sprit and create awareness.

Congratulations!

National Tree Planting Day is a national event in Sri Lanka announced by the government of Sri Lanka where the government encourages individuals and groups to plant trees. The National Tree Planting Day falls on the 15th of October every year.

Touchwood has been participating in several National Tree Planting Day events in the past couple of years. Touchwood, in collaboration with the Ministry of Environment and Natural Resources in Sri Lanka, has been planting and maintaining trees in Colombo and in the suburbs around Sri Lanka.

In 2009, Touchwood Sri Lanka sponsored the event by planting Sandalwood trees – a species that is well known for its natural organic qualities and positive, life-enhancing benefits.

The event took place on the 16th of October 2009 and Touchwood planted well over 100 endangered plants at the fort railway station in order to make them visible for the general public.

Hon. Patali Champika Ranawaka (Minister – Environment and Natural Resources) and Hon. Dullas Alahapperuma (Minister - Transport) participated in the event.

Money might actually grow on trees. Or at least it does when you choose to invest in companies like Touchwood. Helen Dalley shows you how to earn healthy returns while you do your bit for the planet.

Click here to download the PDF

Touchwood Forestry Co., Ltd (TFC) is pleased to announce that on Friday 22nd of May 2009, the Intellectual Property and International Trade Court in Bangkok, Thailand, dismissed Agarwood Siam’s complaint in the case of Agarwood Siam Co., Ltd., v Touchwood Forestry Co., Ltd. and its directors (Civil Case Black No. Tor. Por. 107/2550).

The case commenced on 10 July 2007 when Agarwood Siam filed a civil lawsuit against TFC and its five directors claiming that TFC infringed their Thai patent on a process to induce agarwood in aquilaria trees. However, the court found that TFC did not infringe the patent rights of Agarwood Siam.

In relation to this important legal victory, Touchwood Group would like to express its sincere appreciation to its lawyers at Domnern Somgiat & Boonma who represented it during the case, namely Khun Chalermphong, Khun Chakrapat and Khun Rutorn.

Update: On 11 September 2009 Agarwood Siam Co., Ltd. appealed the above decision to the Supreme Court of Thailand. On 2 October 2009, Touchwood Forestry Co., Ltd. filed a reply to the appeal lodged by Agarwood Siam. At present the appeal is waiting to be heard by the Supreme Court.

Touchwood is happy to announce that on April 1st 2009, Mr. Roscoe Maloney, Chairman at Touchwood Asia Co., Ltd. and Dr. Samakkee Boonyawat, Vice President at Kasetsart University, one of Thailand’s foremost universities signed a Memorandum of Understanding (MOU) to establish a collaborative working relationship on researching bamboo silviculture and utilisation of bamboo culms.

Under this MOU a research team from Kasetsart University which includes Dr. Bunvong Thaiutsa, Forestry Director and Dr. Nikhom Laemsak, Deputy Dean of the Faculty of Forestry, will conduct a range of activities including establishing a bamboo plantation demonstration research center in Prachinburri; researching the technology required for developing timber bamboo plantations and investigating how to achieve optimum yield productivity with timber bamboo.

Touchwood would like to offer its special thanks to those staff involved in the project for their efforts in establishing the MOU.

Joris Vercouillie (Business Development Manager) and Denver Maloney (Group Manager – Business Development and Internal Audit) were recently in Vietnam representing Touchwood regarding Touchwood’s Dak Lak Reforestation Project. Also present was the Touchwood consultant for Vietnam, Dr. Nguyen Kim Loi, who is Dean for Research & International Relations, Head of Applied Geomatics Department at Nong Lam University in Ho Chi Minh, Vietnam.

A business plan was presented to the Dak Lak Peoples Committee – in attendance were the Chairman, Director of Department of Investment, Assistant Director of Natural Resources & Environment, Director of Department of Lands & Agriculture, and the Director of the Centre for Development.

Touchwood’s Dak Lak Reforestation Project as presented by Touchwood was approved in the meeting by the Chairman of the Dak Lak Peoples Committee with a request for Touchwood to start operations immediately.

Touchwood was granted a 70 year lease of 6000 hectares of land to establish forest plantations – this makes Touchwood the first foreign company to invest in the Dak Lak province in Vietnam.

The local media (Newspaper and TV stations) covered the event. The news was published in local newspapers on 2nd April 2009 and the local TV station aired the news on the 1st and 2nd of April 2009.

On behalf of Touchwood the business development team would like to pass on the deepest felt gratitude to Dr. Nguyen Kim Loi for his tireless efforts in getting the approval for the Dak Lak reforestation project.

Touchwood Forestry Company (TFC) has just achieved the esteemed ISO 9001:2000 status. On the 26th of November 2008, Mr. Pierre Maloney, CEO of TFC attended the Certificate Recognition Ceremony at the Grand Ballroom of Century Park Hotel.

The Recognition Ceremony was organized by the Management System Certification Institute (Thailand) and was presided by the Minister of Industry, Pol.Gen. Pracha Promnok.

We would like to congratulate and thank all clients and staff for their contribution and making this achievement possible.

TFC and Touchwood as a group aims to strive further and harder to achieve more to bring more benefits to it's clients.