PanJam and JP Join Forces
- Two iconic Jamaican conglomerates, Jamaica Producers Group Limited (‘JP’) and PanJam Investment Limited (‘PanJam’), announced that they reached an agreement that will see the amalgamation of their businesses to create a powerful new group of companies, strategically-positioned to take advantage of opportunities both locally and globally.
- JP was founded as a co-operative of banana growers over 90 years ago but has since emerged as a group that owns food and juice brands along with logistics and shipping services. PanJam is an investment holding company comprising a wholly-owned property management business and investor partnerships in insurance, tourism and attraction development, manufacturing, and real estate development.
- This arrangement, subject to the approval of the shareholders of both companies and the relevant regulators, will result in PanJam acquiring JP’s operating assets in exchange for JP taking a 34.5% interest in PanJam.
- Post-transaction, PanJam, which will ultimately hold the combined businesses, will be renamed Pan Jamaica Group Limited (‘the Group’). JP will emerge as the largest shareholder of the Group, with its shares in the Group being its principal operating asset. Both the renamed Pan Jamaica Group and JP will remain listed on the Main Market of the Jamaica Stock Exchange. The transaction is expected to be completed within the first quarter of 2023.
- The combined balance sheet and experience of both companies will allow Pan Jamaica Group to have an excellent platform for growth in key industries including property and infrastructure, finance, food and logistics. This will in turn capture synergies, bolster profitability, realize economies of scale and improve shareholder value.