Project STAR, the social and economic development initiative created by the Private Sector Organisation of Jamaica (PSOJ), in partnership with the Jamaica Constabulary Force (JCF), opens its capital raise offer tomorrow (June 22) seeking J$100-million in subscription.
Project STAR, which has been formalised into the Social Transformation and Renewal (STAR) Foundation, invites applications for participation in 100-million Project STAR social stock. Each Application for Project STAR social stock is subject to a minimum of 500 Social Stock.
The company intends to apply to the Jamaica Social Stock Exchange (JSSE) for admission of all of its social stock following the close of the invitation, slated for August 18, 2023. The outcome of such an application will depend on the company meeting all the admission criteria of the JSSE, which is a regulated platform with the aim of bringing together social enterprises and contributors/ investors for the mutual goal of Jamaica’s advancement and development.
Accordingly, the Project STAR social stock is an investment in the welfare and development of marginalised communities, and by extension, the Jamaican society. Investors can expect a better Jamaica as a return on their investment although there is no monetary/economic gain to be derived from this investment in the Project STAR social stock to the individual investor.
Two billion needed
In its dossier filed with the Jamaica Stock Exchange (JSE), Project STAR says it plans three other capital raise over a three year time frame, which will aggregate to a total of J$650 million dollars. This will go towards funding Project Star, which is expected to cost J$2 billion or US$13 million.
By participating in Project STAR individuals and corporate entities, which enable the conceptualizers of Project STAR to realise the vision of working together to create a Jamaica where everyone is valued and has the opportunity to thrive.
Over the course of a five year period, Project STAR will be implemented in 10 under resourced communities, which are plagued with violence and crime. It is aimed at producing safer, more resilient communities with reduced levels of crime and violence. The following factors are required to facilitate sustained change:
• National effort
• Implementation of community-owned and -led structure
• Employment and economic opportunities within communities • Strengthened police/community relations
• Multi-sectoral collaboration.
The social and economic development initiative is aimed at facilitating societal transformation through targeted interventions in under-resourced areas of Jamaica. Project STAR will be driven by communities to bring about societal transformation through targeted interventions in under-resourced areas of Jamaica.