Flemingo targets US listing with key finance appointment

Raj Shah: US experience

INTERNATIONAL. Flemingo Duty Free has set its sights firmly on a public listing in the US with the appointment of a new Executive Director-Finance, Raj Shah.

Shah has lived and worked in the US for over 30 years, with experience as CFO of large- and medium-sized global companies listed on the US stock exchange. Flemingo said this meant he had experience with the rules, regulations and compliance requirements needed for the market.

His principal role with the retailer will be to work closely with the board and senior management team to lead preparations for an IPO in the US.

“I believe Flemingo with its focus on the high growth emerging economies, strong business model, visionary leadership and excellent execution capabilities is uniquely positioned to drive substantial growth and value over the next few years and provides a strong value proposition,” said Shah.

“It is an exciting story and I am delighted to be part of such a dynamic company and management team.”

Flemingo’s long-term goals were recently also demonstrated with the appointment of experienced industry executive Carlo Bernasconi as an Independent Director and Board member, as reported earlier this month. The company aims to create a US$2 billion business by 2020.

Flemingo CEO Atul Ahuja said: “Raj brings a wealth of experience, knowledge and a track record that our company needs to accomplish its goals over the coming years.”

In February, Flemingo announced a US$30 million investment in the company by a fund managed by Albright Capital Management, which is chaired by former US Secretary of State Madeleine Albright.

At the time, the retailer said the proceeds of the investment would be used to further expand its reach in high-growth duty free and travel retail markets across the globe.

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