No information shared on new owner of the shares

Durrant Pate/Contributor

Jamaican investment company, PanJam has sold its 33.3 per cent stake in local spice manufacturer, New Castle Company Limited.

The sale of the shares to an undisclosed entity was effected on December 21, 2022. While the sale price has not been disclosed, PanJam is said to have made a handsome profit from investment, which goes back some five years ago.

The investment company initially acquired a 25 per cent stake in New Castle and has since grown its equity to 33.3 per cent. New Castle manufactures and distributes jerk sauces and seasonings and other condiments under the brands Walkerswood, Busha Browne’s and Jamaica Joe, which it owns.

PanJam reportedly paid J$177.52 million for its initial 25 per cent equity in New Castle. In a regulatory filing, PanJam Chief Executive Officer Joanna Banks says the investment in New Castle was in line with PanJam’s strategy to take meaningful equity positions in Jamaican companies with strong brands, foreign exchange earning potential and a global reach.

PanJam’s investment objectives have been met

She adds: “New Castle has certainly carved a niche for itself in the specialty food space. While we expect the company to continue on its growth trajectory, PanJam’s investment objectives have been met.”

PanJam is an investment holding company committed to growing the Jamaican economy while creating long-term shareholder value. The company is engage in a wide array of real estate-related activities, take actively-managed positions in public and private companies, and trade equities and fixed income assets.

Recently PanJam announced a merger with another Jamaican conglomerate, Jamaica Producers Group to form what would be Jamaica’s biggest conglomerate. Shareholders of both companies approved the merger at their meeting last month.The merger will see PanJam Investments Limited being renamed Pan Jamaica Group and Banks holding the position of president of the Group.