Pan-Jamaican Investment Trust Ltd (Pan-Jam) has advised that it will convene a board meeting on Tuesday, October 25, to propose a recommendation to change the name of the company.

In a notice to the Jamaica Stock Exchange on Tuesday, it was noted that the meeting names will be considered and thereafter an extraordinary general meeting will be convened to put a resolution to its shareholders for approval.

The Jamaica Observer reached out to Chairman and Chief Executive Officer Stephen Facey for clarification, but no response was received up to press time.

Pan-Jam was formed in 1964 by Maurice Facey, who first focused on property development.

In 1965 it was among the first companies to be listed on the newly formed Kingston Stock Exchange.

Pan-Jam pioneered the development of high-rise commercial and residential properties in Jamaica, and in 1969 acquired Hardware & Lumber Ltd in Jamaica’s first public hostile takeover bid.

Today, through its subsidiaries and associated companies, the company engages in property development and management, banking, manufacturing, retail, trade, financial services, and investment.

During the 2015 financial year, the company posted net profit for shareholders of $3.2 billion, up 12 per cent from $2.8 billion in the prior year. Earnings per stock unit increased to $15.19 from $13.55.

Current property operations include the Marriott Courtyard hotel in New Kingston which opened in December 2015.

Other associated companies are Sagicor Group Jamaica Ltd (Sagicor), New Castle Company Ltd, and Chukka Caribbean Adventures.

In September Pan-Jam announced the sale of its stake in coffee producer Mavis Bank Coffee Factory to Specialty Coffee Investments Company Ltd.