Jamaican companies merge

First Jamaica Investments Limited has been merged with Pan Jamaican Investment Trust Limited, (Pan Jam) just over a month after shareholders approved it and a week after the Supreme Court gave the move the nod.

The amalgamation was sanctioned by the court last Wednesday and yesterday the court order was filed with the Registrar of Companies, bringing it into effect.

“Now that scheme has been completed and First Jamaica has been amalgamated into Pan Jam, the integrated management team can now refocus their energies in building stockholder in one company and extracting synergies from the amalgamation,” said Stephen Facey, CEO of both Pan Jam and First Jamaica.

At the close of business on yesterday, trading in First Jamaica stock units ceased.

By next Monday, the Registrar of First Jamaica will update the First Jamaica Register and process all outstanding transfers; the Registrar of Pan Jam will prepare stock certificates due to the First Jam stockholders; and an application will be made to the Jamaica Stock Exchange (JSE) for a supplemental listing of the newly issued Pan Jam Stock Units.

While waiting for the JSE to approve the supplemental listing, trading in the newly issued Pan Jam Stock Units can begin.

Pan Jamaican Investment Trust Limited, through its subsidiaries, provides property management services. The company’s property management services include development, rental, and management of commercial real estate properties and it also offers investment management and securities trading services.

First Jamaica Investments Limited was an investment holding company with investments in the real estate sector.

Source: The Gleaner