The merger between Jamaica Producers Group (JP) and PanJam Investments is now set to be completed next month, a slightly longer period than the original March time frame that was announced last year.

Shareholders of both companies approved the deal in separate meetings in Kingston in December last year to create a conglomerate with more than $110 billion worth of assets. Under the deal, JP will transfer its operating businesses to PanJam in exchange for a 34.5 per cent interest in the combined entity that will be called the Pan Jamaica Group Limited.

“The transaction is expected to be completed at the beginning of the second quarter of 2023, and the group is confident that the combined strength of the two enterprises operating as one will enhance shareholder returns through further diversification and a stronger platform for organic and acquisition-led growth,” JP said in notes accompanying its audited financial statements released last week.

The update comes as JP reports strong growth in profits and sales during 2022. Profits for the company rose 25 per cent to $2.3 billion, from revenues which were up 16 per cent to $29 billion. JP also reported increased dividends to shareholders by 20 per cent in 2022 and a consolidated profit of $4 billion.

“The performance in 2022 underscored the value of diversification, both by geography and by business line. Our European businesses overcame some of the challenges with consumer confidence arising from the war in Ukraine. Our shipping and logistics businesses performed particularly well, even as our food businesses had to grapple with the global commodity price inflation that the world experienced. A part of our success in 2022 was our ability to profit from acquisitions. We saw the benefit of our acquisitions in logistics through the acquisition of Geest Line and Miami Freight and Shipping, but also we brought onto our books gains associated with our transactions in the Dominican Republic, in food manufacturing,” Jeffrey Hall, CEO of JP, said.