Pan-Jam alters name to reflect current business model
Shareholders of Pan-Jamaican Investment Trust gave their permission on Wednesday to change the name of the company to PanJam Investment Limited, an identity the directors say is more reflective of the current business model.
The property and private equity company has operated for over 50 years with the current name, as the source of funds used to start the business was based on a trust deed.
That trust deed, which governed the use of the funding, has long since expired, Chairman and CEO Stephen Facey told an extraordinary general meeting of shareholders attended by just over 30 persons, inclusive of board directors.
"All the funds have been repaid and the trust deed has been expired for many, many years and therefore is not relevant to the name, and perhaps is misleading to those who don't know the company," Facey told shareholders, who questioned the removal of the word 'trust' from the name.
"What's more, in recognition of the changes that have taken place within the company and the
local and global business environments, we felt it appropriate and necessary to review the name and make some changes that reflect the current state of the company," said Facey.
"We wanted to retain the Pan-Jam name, which everyone is familiar with, while demonstrating that we have been operating as a more expanded investment company over the past few years."
Founded in 1964, Pan-Jam, over the years, through its subsidies and associated companies, engaged in property development and management, insurance and banking, food processing, distribution and tourism.
Its most recent projects include the completed Courtyard Marriott in New Kingston and the ongoing redevelopment of the Ocean Hotel on the Kingston waterfront.