Geocon has appointed former Woolworths Limited Group Treasurer Asrar Rahman to the new position of Group Treasurer to manage the company’s growing capital and funding requirements including group financial risk and insurance.

“As Australia’s fastest-growing developer of high-rise apartments, with a gross turnover that has increased from more than $200 million in 2016 to approaching half a billion dollars this financial year, and projected to reach $1 billion in the next few years, Geocon is rapidly expanding activity across our residential, hospitality and investment portfolios,” Managing Director Nick Georgalis said.

“This growth has seen increasing demand for high-level financial skills and capacity to support the organisation’s upward trajectory, and has also resulted in attracting top candidates from around the country and overseas to work at Geocon.”

Mr Rahman has more than 20 years’ experience in corporate treasury. He commenced at Woolworths in 2003 and was appointed as Woolworths Group Treasurer two years later.  Since then he has steered the company through a diverse range of capital raisings including syndicated loans, domestic and international senior bond deals and domestic hybrid issues. Mr Rahman has put his personal stamp on all these transactions and has not shied away from proposing changes to the way some deals are traditionally run, as a result achieving significant cost benefits for the Woolworths Group.

“His experience and understanding on raising capital for Woolworths’ growing demands during the past 14 years will allow Geocon to grow beyond the limitations seen in the capital markets in Australia in recent years,” Mr Georgalis said.

Mr Rahman will manage the capital requirements and funding for the entire Geocon group, and upgrade the systems and processes underpinning these activities. He will be responsible for cashflow forecasting and cash management activities, manage the group’s financial risk and insurance profile, provide financial/investment analysis and business cases to support decision-making on capital requirements, as well as critical input into project and group debt structuring. He commences at Geocon on 5 March 2018.

Mr Rahman has a Bachelor of Economics from the University of Adelaide and is a chartered accountant. He is a Fellow of the Financial Services Institute of Australasia, and the Finance & Treasury Association.

“We are delighted to welcome Asrar to the ACT and the Geocon team. We look forward to having an advisor of his calibre enhancing our capacity to deliver on our vision of Building Canberra,” Mr Georgalis said.

Media inquiries: Jane Seaborn 0414 829 282

 

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