Pan-Jam owners want a new identity
Pan-Jamaican Investment Trust Limited wants shareholders to approve a name change for the five-decade-old property conglomerate, but remained hush on the proposals for the new identity.
"Come to the meeting and see what we are proposing," said Stephen Facey, chairman and CEO of Pan-Jam, in a phone call on Wednesday in reference to plans to set a date for a vote by owners of the conglomerate stock.
Facey also kept largely silent on the rationale for the name change for the company, which receives the bulk of its earnings from investments in associated companies rather than income from core real estate activities.
On Wednesday, a market notice posted on the Jamaica Stock Exchange said Pan-Jam's directors would propose the name change at a board meeting set for October 25.
"Pan-Jam further advises that at the meeting, names will be considered and thereafter an extraordinary general meeting would be convened to put a resolution to the shareholders for approval," the notice said.
Pan Jamaican Investment Trust was formed in 1964 as an outfit to raise capital by public subscription for its investments. During the same period, according to Pan-Jam's company history on its website, the late Maurice Facey, former Pan-Jam chairman, decided to "launch himself" into the business of property development after engineering the sale of his father's highly respected company C.B. Facey Limited.
Maurice Facey formed Jamaica Property Company Limited and subsequently merged with Pan-Jam in 1966, which formed the basis of the Pan-Jamaican Group.
"Pan-Jam has enjoyed many firsts. In 1965, it was among the first companies to be listed on the newly formed Kingston Stock Exchange. Pan-Jam pioneered the development of high-rise commercial and residential properties in Jamaica, and in 1969 acquired Hardware & Lumber Limited in Jamaica's first public hostile takeover bid," the website states.
Today, a number of associated company investments form the basis of Pan-Jam's portfolio, which includes insurance, manufacturing, hospitality and real estate. It gave up its minority stake in Hardware & Lumber earlier this year after a takeover of the retailer.
Stephen Facey and Paul Facey hold or control the largest blocks of shares in Pan-Jam - amounting to 433.88 million of 1.066 billion units, according to market disclosures - through personal holdings and connected parties. Other big stockholders include Sagicor Pooled Equity Fund with an 11.9 per cent stake and National Insurance Fund with 5.54 per cent.