Jamaica Producers Group (JP) and PanJam Investment, announced they will be merging both companies in a strategic initiative to take advantage of various opportunities.
This new consolidated organization, which will be renamed Pan Jamaica Group Limited will enable JPG to get a 34.5 percent interest in PanJam in exchange for PanJam acquiring 100% of JPG.
Pan Jamaica Group will remain at the helm and hold the assets of both businesses. This new Group will now have holdings in financial services, hotels, logistics, real estate, manufacturing, and other areas of business. PanJam Chief Executive Officer, Joanna Banks seems excited over the new deal and what it means for PanJam.
“PanJam has done exceptionally well by building great partnerships with like-minded entities. The proposed business combination represents the creation of the quintessential Jamaican conglomerate, a geographically and operationally diversified company focused on value creation for all stakeholders through investment in key sectors of the global economy. Our internal analysis points to a future that we are all excited about – one in which our combined enterprises become the regional investment vehicle and investor of choice.” She said.
For this new group, PanJam’s current CEO Joanna Banks will become president of the Pan Jamaica Group, and Jeffrey Hall who is JP’s current CEO will hold the position of CEO and Executive Vice Chairman of the Board of Directors.
Pan Jam’s executive chairman Stephen Facey will serve as Chairman of the new group’s board.
Charles Johnston, JP’s chairman, Hall and Alan Buckland, JP’s current Chief Financial Officer, will join the new board.
This very interesting deal will enable two battle-tested companies with combined assets of over $100 billion to have a proper foothold with targeted industries and expand.
