PanJam has recently sold off all its shares in local spice manufacturer New Castle Company Limited. Analysts are saying that this has been a deal that PanJam has benefited ever since PanJam decided to purchase 25 percent of the company’s shares which grew to 33.3 percent.
At the time, PanJam paid approximately J$177.52 million for the initial 25 percent in New Castle which has built up a robust manufacturing structure for spices over the years. They have operated under the brands of Walkerswood, Busha Browne’s and Jamaica Joe which it owns.
The shares have been sold off to another entity that will be carrying that stock in its portfolio. PanJam Chief Executive Officer Joanna Banks commented on the situation and she basically stated that the deal has met PanJam’s initial expectations and it’s time to take on new challenges.
“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.”
PanJam has been going through quite a structural change over the last couple of months. One of the most well-known and public ones is the merger with Jamaica Producers Group which is a massive deal.
PanJam Investments Limited has been renamed to Pan Jamaica Group. Overall this deal is having two conglomerates coming together to invest in worthwhile projects.
