First Look

Pan-Jam votes to split stock at AGM

| 2016-05-27 00:00:00

Shareholders of Pan-Jamaican Investment Limited (Pan-Jam) approved a five for one stock split on Thursday, May 26, 2016 at its annual general meeting (AGM) at the Courtyard by Marriott Kingston.

The split was accepted with a unanimous vote.

The board of directors had recommended that each of the 250,000,000 ordinary shares in the authorised capital of the company be subdivided in five ordinary shares each, to take effect on Tuesday, May 31, 2016

Currently, the company has 213.2 million shares issued and outstanding, with a market value of just over $26 billion. Following the split, the number of shares issued and outstanding will amount to just under 1.1 billion.

The dividend declared at the board of directors meeting on May 13, 2016 of $0.75 per share is payable on June 22 to stockholders on record at the close of business on May 31 2016 on the number of shares issued and outstanding immediately prior to the split. The actual dividend payable on June 22, 2016 will therefore amount to $0.15 per share.
Strong Performance

The company’s stock price appreciated by 59 per cent in 2015 to $94.00 over the 2014 level of $58.96, with most of the increase coming in the final quarter of the year.

Pan-Jam has seen significant improvements to its bottom line, posting a 12 per cent increase in net profit for the year ended December 31, 2015, a performance largely driven by the results of its joint ventures and associated companies.

More recently, profit attributable to shareholders for the three months ended March 31, 2016 rose to $719.4 million, 32 per cent more than the $543.7 million in the comparative period last year.

“Performance for the quarter was influenced positively by a gain of $185 million arising from the divestment of our stake in Hardware & Lumber Limited and an increase of $149 million in Pan-Jam’s share of results of associated and joint venture companies, principally its 31.6 per cent investment in Sagicor,” said Pan-Jam’s chief operating officer Paul Hanworth.

The results of associated and joint venture companies for the quarter were $592 million compared to the $443 million in the first quarter of 2015.

Newcastle, Chukka and Mavis Bank performed satisfactorily during the period. Following the Courtyard Marriott Kingston hotel’s opening in December 2015, Caribe Hospitality of Jamaica Limited enjoyed a small profit in its first full operating quarter.

Looking For New Investments

Pan-Jam said it will continue to look for additional hotel opportunities both in Jamaica and regionally.

It is renovating the former Oceana hotel property through its joint venture, Kingchurch, while seeking opportunities across the island for new projects similar to Oceana or to the Courtyard By Marriott Kingston, excluding the all-inclusive tourist sector, which is well served in the region.

“Simultaneously, efforts to find real estate related projects in major overseas markets in which we can invest, remain active”, the company, led by Stephen Facey, said in its 2015 annual report.

Overseas investment last year also included a small participation in an office conversion to a Starwood-branded hotel near the Miami International airport.

Pan-Jam 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 manufacturing and distribution, and tourism and attractions.

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