Perth-headquartered Indian Sandalwood plantation manager TFS Corporation Ltd has taken steps to strengthen its board as it plans to transition from a sandalwood plantation grower to a producer of finished sandalwood products.
Former sandalwood oil producer Mt Romance Pty Ltd chairman Ian Murchison, former News Corporation senior executive Ian Thompson, and Bell Potter equities adviser Blake Myles have all joined the board as directors.
TFS chairman Frank Wilson said that the new appointments were in line with its strategic plan to become a vertically integrated producer of finished sandalwood products.
"Given there is a diminished supply of sandalwood as a naturally-grown resource, and a significantly growing world demand for the product, it is appropriate that we develop value adding strategies to maximise returns on our product when it is harvested from our Kununurra plantations," he said.
"Our new board provides us with greater depth of experience in production and marketing skills to achieve this result."
There has been strong demand for the company's 2006 Sandalwood Project and it expects it to be fully subscribed prior to June 30.
In addition TFS believes it is on target for its forecast full year earnings of $11 million.
The company has over 600 hectares of Indian Sandalwood under irrigation on the Ord River Irrigation Scheme at Kununurra in the east Kimberley region of Western Australia.
