PJAM moves to expand real estate portfolio and equity positions

May 17,2018 

PanJam Investments Limited (PJAM) Annual General Meeting was held today, at The Marriot Courtyard Hotel. Opening remarks were made by Chairman and CEO, Mr. Stephen Facey, where he acknowledged that PJAM’s ongoing success is a direct result of the efforts of their team members.

Chief Financial Officer, Mr. Stephen Philbert commented on the financial year 2017, where he highlightes PJAM’s core operations delivered strong results, driven by:

  • Investments with higher gains on securities in context of robust markets
  • Property which had increased revaluation gains and rental income as occupancy improves.

PJAM’s CFO highlighted that if the gains on disposal of their associated and joint venture company was excluded from 2016 financial year results, the Company would have delivered a 20% increase in net profit year over year. He indicated however that earning per share and dividend growth have increased 13.7% and 20% respectively over the past five years

Mr. Paul Hanworth, Chief Operating Officer, highlighted that their associated companies have once again delivered strong results, as they continue to validate their strategy of investing in well-managed local and regional business. Such Companies were:

  • Sagicor Group Jamaica – 31.6% ownership stake.
  • New Castle Company- 33.3% ownership stake.
  • Chukka Caribbean Adventures – 20% ownership stake.
  • The Courtyard by Marriott- 32.2% ownership stake.
  • Overseas Real Estate – Aloft Miami Airport and others.

Going forward, Ms. Joanna Banks, Vice President- New Business Development and Strategy divulged PJAM’s strategic growth plans. She highlighted PJAM intention to:

  1. Expand the real estate portfolio:
    • Capitalizing on PJAM’s deep history of and experience in property developments, management and rental
    • Strengthening the balance sheet with assets that provide steady, predictable cash flows and a hedge against inflation
  1. Taking additional equity positions:
    • Utilizing capacity to provide financial support and impact transformational leadership
    • Exploring investment landscape for opportunities to partner with companies that meet their investment guidelines, in industries that complement existing holdings.
  2. Growing the trading portfolio
    • Focusing on Jamaican markets, while maintaining diversification to hedge against shocks.

Year to date PJAM has managed to achieve the following for each strategic growth initiative:

Expanding real estate portfolio:

  • The Company has acquired full ownership of Oceana, as well as a property on 8 Oliver Road.
  • Currently underway is the development of  Oceana to include residences on top four floors and hotel occupancy on remaining floors. Also two floor lowers will contain hotel amenities.
  • The company also acquired six acres of property in Montego Bay, Freeport which will include a business hotel.

Taking additional equity positions:

  • Increased holdings in New Castle.
  • Acquired 20% stake in Term Finance.
  • Invested in Regus’s Caribbean Partner.


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