PanJam Investment Limited (JMSE:PJAM) agreed to acquire Operating Assets of Jamaica Producers Group Limited on November 21, 2022. This arrangement, which is subject to the approval of the shareholders of both companies and the relevant regulators, will result in PanJam acquiring JP's operating assets in exchange for JP taking a 34.5% interest in PanJam. Post-transaction, PanJam, which will ultimately hold the combined businesses, will be renamed Pan Jamaica Group Limited. The expanded Pan Jamaica Group will be led by JP's current Chief Executive Officer, Jeffrey Hall, will hold the position of Chief Executive Officer and Executive Vice Chairman of the Board of Directors. PanJam's current Chief Executive Officer, Joanna Banks will hold the position of President of Pan Jamaica Group. Stephen Facey will serve as Chairman of the Group's Board, which will include Directors from both JP and PanJam. Charles Johnston, JP's Chairman, Jeffrey Hall and Alan Buckland, JP's current Chief Financial Officer, are expected to join the Group's Board. The transaction is expected to be completed within the first quarter of 2023. The Boards of JP and PanJam relied on fairness opinions from Ernst & Young Services Limited to determine that the proposed transaction would be fair to shareholders of both companies. Moelis & Company acted as financial advisor to PanJam Investment Limited.

PanJam Investment Limited (JMSE:PJAM) completed the acquisition of Operating Assets of Jamaica Producers Group Limited on April 1, 2023. As of December 22, 2023, the deal has been approved by the shareholders of PanJam and Jamaica. As a part of this deal, PanJam will change its name to Pan Jamaica Group and will hold the combined businesses. Stephen Facey will serve as Chairman of Pan Jamaica Group's Board, and Charles Johnston, Jeffrey Hall and Alan Buckland have been appointed to the Pan Jamaica Group's Board.