PanJam Investment and Jamaica Producers Group Announce Successful Completion of Amalgamation

• Jamaica Producers Group Limited (JP) and PanJam Investment Limited have announced the successful completion of the amalgamation process, which was approved by the shareholders of both companies on December 22, 2022. The amalgamation agreement between the two Jamaican conglomerates, saw JP transfer its material businesses to PanJam in exchange for JP receiving a 34.5% ownership stake in PanJam.
• The amalgamation creates a formidable player in the Jamaican investor landscape with diverse interests in real estate and infrastructure, specialty food and drink manufacturing, agri-business, financial services, and a global services network of interests in hotels and attractions, business process outsourcing, shipping, logistics, and port operations, in locations across the world. With effect from April 1, 2023, PanJam will change its name to Pan Jamaica Group and will hold the combined businesses.
• Jeffrey Hall, who was appointed Chief Executive Officer of Pan Jamaica Group on April 1, 2023, highlighted that the company is pleased to have completed the transaction which represents an important milestone for both companies. The newly appointed President of Pan Jamaica Group, Joanna Banks, had the same sentiments about the amalgamation.
• The amalgamation will see the two companies combining their strengths and expertise to capitalize on new opportunities whilst creating greater value for stakeholders.

(Source: JSE)