Shareholders agree to amalgamation of JP and PanJam

 

Shareholders of local conglomerate Jamaica Producers Group and PanJam Investments, have agreed to the company's amalgamation.

 

The vote was done at emergency general meetings (EGMs) held by each company on today.

 

The approval is a key step to bringing the companies together.

 

CEO of JP Group, Jeffery Hall, explained what will happen next:

 

"So, the transaction will first see us populating JP Global Holdings with the operating businesses of JP, excluding some cash and some non-core property; the transfer of JP Global Holdings to PanJam Investment Limited; PanJam Investment Limited changes its name to Pan Jamaica Group and issues to JP at 34.5 interest and the right to participate at the level of the board."

 

The new board will be chaired by Stephen Facey, current executive chairman of PanJam Investment. 

 

Mr. Hall will serve as vice chair. He will also serve on the executive management as CEO of the new Pan Jamaica Group. 

 

PanJam's current CEO, Joanna Banks, will hold the position of president of Pan Jamaica Group.