Boswell Investment Limited, the second largest shareholder in Pan Jamaica Group Limited (PJG) has carried out a restructuring exercise to simplify the ownership structure of its assets. 

The ultimate beneficial owners of Boswell who include PJG Chairman Stephen Facey and other family members (the ‘Facey Family’), previously held their collective PJG shareholdings in Boswell through intermediate holding companies. 

The restructuring exercise involved the transfer of 341,787,133 PJG shares from Boswell to five intermediate holding companies. These transfers did not result in any change to the beneficial ownership of the shares.

More transaction details

In a related transaction, Boswell transferred 1,127,854 shares to Jamaica Producers Group Limited and 1,287,134 shares to the PanJam (Employee Share Ownership Programme (ESOP). 

The restructuring was carried out on Tuesday, March 4.

Commenting on the transactions, Vice Chairman and Chief Executive Officer of PJG, Jeffrey Hall explains, “The Facey Family has restructured its interest in Pan Jamaica Group to simplify the ownership structure. This restructuring exercise did not involve any change in ultimate beneficial ownership.

“We appreciate that as a significant PJG shareholder the Facey Family remains committed to the group alongside Jamaica Producers Group Limited and other key stakeholders. We at Pan Jamaica Group value this ongoing commitment.” 

About PJG

PJG is a Caribbean-based, multinational business group. It acquires, holds and manages market-leading business interests in four segments, namely Property & Infrastructure, Financial Services, Global Services and Specialty Food & Drink. 

The Property & Infrastructure and Financial Services interests have their primary footprint in the Caribbean. Their portfolio includes offices, retail space, hotels and other commercial real estate.

The Financial Services interests include banking, insurance, investment management and pension fund administration. The Global Services group includes shipping and logistics interests that have a Caribbean nexus but serve a global client base. 

The Specialty Food & Drink segment has food manufacturing and agri-business operations in Europe and the Americas. Pan Jamaica Group, together with its subsidiaries and associated companies, employs over 7,000 people. It is listed on the Jamaica Stock Exchange, and its oldest enterprises have been in continuous operation for over 90 years.