Cindy Choong: Empowering Medine Group With Strategic Financial Leadership

Women in leadership roles are making a significant impact worldwide, and Mauritius is no exception. More and more women are stepping into senior positions, challenging traditional norms and driving change across various industries. Among the standout figures in Mauritius’ business landscape is Cindy Choong, Chief Finance Officer (CFO) of Medine Group. Cindy’s journey reflects the resilience, dedication, and drive of women leaders in the country. Her values, instilled by her upbringing, have been crucial in shaping her career. Growing up in a close-knit family, she learned early on the importance of hard work. Raised by parents who were second-generation Chinese immigrants in Mauritius, Cindy was raised alongside her brothers without any gender bias. This egalitarian approach empowered her with confidence and a sense of purpose, fueling her ambition to succeed in a male-dominated industry.

With a career spanning more than two decades, Cindy’s journey began as a junior auditor at KPMG, where she built a strong foundation in financial practices. Her potential was quickly recognized, and she was given leadership opportunities early on, including a role at a five-star hotel where she led a team despite her youth. Cindy’s curiosity and adventurous nature led her to the banking sector, where she honed her financial management skills before moving to Medine Group, a publicly listed company, where she has worked for the past 13 years.

Cindy is a Fellow of the Chartered Association of Certified Accountants, holds a diploma in Management from SHATEC International Hotel and Tourism School, and has completed the General Manager Programme at ESSEC Business School. Her journey is a testament to the power of perseverance, equality, and determination in shaping the path to leadership. Let’s hear more from her in this one-on-one interaction.

I believe in empowering my team, staying open to new ideas, and maintaining a relentless focus on performance

Could you tell us more about Medine Group and explain the different roles and responsibilities that comes with your position as the company's CFO?

Since 1911, Medine Group has been instrumental in driving the development of western Mauritius. Originally a sugar producer, the Group now has a diversified portfolio across Agriculture, Property, Leisure, and Education. As the island’s largest landowner, Medine Group manages a 10,000-hectare landbank with a sustainable growth plan for the next two decades. As CFO, my role goes beyond financial management. I oversee strategic planning, aligning financial strategies with the Group’s long-term vision, and fostering a culture of innovation.

What are your main priorities for driving growth at Medine Group in the coming years?

Driving growth at Medine Group requires a comprehensive approach. A key focus is optimizing our debt structure to align with the Group’s long-term ambitions. We’ve successfully reduced our debt from Rs8 billion to Rs4 billion over the past four years, with a current gearing ratio of just 17 percent. Additionally, we’re investing in technology and IoT to boost efficiency, including a drip irrigation system in Agriculture and RPA in Finance and operation processes. Strategic diversification and identifying new revenue streams are also top priorities. All new projects are structured with a 50 percent debt and 50 percent equity ratio, ensuring financial viability and long-term success. Last year, we invested Rs870 million in new initiatives.

What do you consider to be the biggest achievements in your professional journey so far? As a leader, what is your key mantra for success?

Some of my most significant achievements include contributing to Medine Group's financial restructuring efforts, and helping achieve record-breaking profitability for three consecutive years, for the group. Additionally, I’m proud of our investments in innovative projects, such as advanced irrigation systems to enhance productivity. My success mantra as a leader centers on hard work, humility, perseverance, and collaboration. I believe in empowering my team, staying open to new ideas, and maintaining a relentless focus on performance and achieving our goals.

How do you anticipate the finance landscape in Mauritius will evolve in the coming years? Are there any industry trends you are particularly focused on or investing in for the near future?

I foresee a growing focus on green finance and renewable energy, along with the integration of Environmental, Social, and Governance (ESG) principles into investment decisions. Additionally, the rise of fintech solutions and blockchain technology will transform operational efficiencies. With a declining workforce and rising labor costs, automation and technology adoption will become crucial in addressing labor challenges. Moreover, tourism will evolve to cater to niche markets such as eco-tourism and luxury experiences.

At Medine Group, we are actively preparing to embrace these trends, positioning ourselves to stay ahead of the curve. The Group is already prioritizing green buildings and eco-friendly practices to support Mauritius’s sustainability goals. In real estate, Medine Group's mixed-use developments and smart city initiatives align with the growing demand for sustainable living spaces. Furthermore, with its 250-hectare nature park, Casela, Medine Group is well-positioned to capitalize on the eco-tourism boom.

Advice for Aspiring Women Leaders:

Have confidence in your abilities, commit to lifelong learning, and face challenges head-on. Success comes from resilience, teamwork, and staying authentic to your principles.

Cindy Choong, Chief Finance Officer, Medine Group

With over two decades of experience in finance, the Chief Finance Officer of Medine Group, Cindy Choong, has been a driving force behind the company’s strategic growth, financial restructuring, and innovation. A Fellow of the Chartered Association of Certified Accountants, she continues to shape the Group’s future.