PanJam Shareholders Approve Name Change at EGM
Kingston, Jamaica: Shareholders of the former Pan-Jamaican Investment Trust Limited (PanJam) have approved a change to the private equity company’s 51-year-old name.
On Wednesday, November 16, 2016, the resolution to adopt its new name PanJam Investment Limited (PanJam) was approved at an Extraordinary General Meeting at its boardroom in New Kingston.
The board of directors recommended the name change in line with a refreshed corporate identity.
“We have operated, for over 50 years, as Pan-Jamaican Investment Trust Limited. While we remain very proud of that name and the strong legacy that it connotes, we are looking towards a strong and powerful future. Rebranding does not alter our focus from our core business of investing, but we are investing in an increasingly smaller world,” said PanJam Chairman and CEO Stephen Facey.
“We wanted to retain the PanJam name, which everyone is familiar with, while demonstrating that we have been operating as a more expanded investment company over the past few years. We also felt that it was time to remove the word “Trust” from our name, which suggests a different legal form than our corporate structure and is perhaps confusing to those who aren’t as familiar with us,” Facey told shareholders.
The company, within the past two years, has completed construction and opened the first hotel in New Kingston in 30 years — the Courtyard by Marriott Kingston; commenced the redevelopment of the old Oceana Hotel in downtown Kingston; and divested its interests in Hardware and Lumber and the Mavis Bank Coffee Company from its list of holdings.
PanJam is a multi-faceted holding company and private equity investor. Through its subsidiaries and associated companies, the company engages in property development and management, insurance and banking, food processing and distribution, and tourism and attractions.