PanJam Sells Stake In New Castle Company Limited
- PJAM has advised of the sale of its 33.3% stake in New Castle Company Limited (New Castle) effective December 21, 2022. New Castle manufactures and distributes jerk sauces and seasonings, and other condiments under the brands Walkerswood, Busha Browne’s and Jamaica Joe, which it owns.
- According to Joanna Banks, PanJam’s Chief Executive Officer: “Our investment in New Castle was in line with PanJam’s strategy to take meaningful equity positions in Jamaican companies with strong brands, foreign exchange earning potential, and a global reach. New Castle has certainly carved a niche for itself in the specialty food space. While we expect the company to continue on its growth trajectory, PanJam’s investment objectives have been met.”
- While the final sale amount was not disclosed, a gain on sale of the shares would result in an extra boost to profit for the financial year ended December 2022. On the other hand, a loss on sale of the shares would negatively impact PJAM’s bottom line.