Project Star Looking to Raise $100Mn Through the Jamaica Social Stock Exchange  

• The administrators of Project STAR (Social Transformation and Renewal) are seeking to raise $100 million via an Initial Public Offering (IPO), which will be launched on the Jamaica Social Stock Exchange (JSE) on June 22.
• Project STAR is a social and economic transformation initiative created by the Private Sector Organization of Jamaica (PSOJ) in partnership with the Jamaica Constabulary Force (JCF). It focuses on reversing poor social outcomes in beneficiary communities.
• JSE Chairman, Julian Mair, said the prospectus will be available by the end of this week, adding that social shares will be offered at $1 per unit. Mair was speaking during a press briefing at the JCF headquarters in Kingston on Wednesday (June 14) to provide an update on the project’s implementation and outcomes, to date.
• He noted that the minimum threshold will be $500, meaning that you can own as small as 500 shares each denominated at $1.
• Ten communities have been earmarked for interventions under Project STAR over the next five years. The initiative has already been rolled out in several east downtown Kingston communities, as well as Savanna-la-Mar Westmoreland, for seven and three months, respectively, while interventions recently commenced in May Pen, Clarendon.
• Mair advised that investing in Project STAR will not provide investors with financial returns, noting that the dividends will be in the form of transformation and the achievement of the key performance indicators. Project STAR is intended to facilitate the implementation of programmes that will enable target communities to become safer and more resilient with improved social outcomes and reduced levels of violence.

(Source: JIS news)