Chukka said it plans to expand its products and locations from the 59 tours it currently operates in Jamaica, Belize and Turks and Caicos."
For Pan Jam, the one-fifth stake in the attraction company deepens its foray into the tourism sector.
Pan Jam also plans to start construction of a Marriott-branded hotel in New Kingston this year.
"Chukka is a perfect fit for our strategy of investing in companies that demonstrate remarkable growth potential," said Pan Jam chairman Maurice Facey. "What makes this an exciting opportunity is that, not only is Chukka a leader in tourism in the region, but our companies also share similar values and priorities. We are looking forward to being part of the future of an important Caribbean success story."
Last year, Chukka said its operations collectively "delivered over 400,000 adventure tours to cruise and hotel guests in 2011".
Pan-Jamaican is a major player in real estate and already has shareholdings in companies operating in insurance, manufacturing (including Blue Mountain coffee and jerk sauces), and retail.
Read more: http://www.jamaicaobserver.com/business/Pan-Jam-buys-20--of-Chukka_11494352#ixzz1vDB1DcNN
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