Project STAR’s social IPO extended to November 3

Project STAR’s social stock offering has been extended to November 3, 2023 to allow for additional fundraising to reach its target of $250 million, a release to the media notes.

Keith Duncan, project sponsor of Project STAR is urging persons to donate to the initiative. “This is an opportunity for you to contribute to positive change in your country. The funds raised will be used to address specific challenges, create opportunities, and improve lives in a tangible and measurable way,” he said.

Some of the initiatives to which the funds will be channelled are programmes in areas of sports, youth development, parenting, early childhood development, and creating safe spaces. It will also focus on peace-building activities such as dispute resolution training, youth conflict management, and youth-based sports and cultural activities.

So far, Project STAR has raised $181.7 million from a combination of individual and corporate donations.

Duncan shared his gratitude for all the support the fundraising campaign has received so far.

“Gratitude is a mus’,” he said, “We appreciate those who believed and or were willing to give the Project STAR team an opportunity through their monetary contribution to continue in its efforts to transform communities across Jamaica. I am thankful for the efforts of the financial sector in a first-time effort at marketing and selling a social stock through the investment, banking and credit union community.”

Project STAR is targetting $250 million for this year and aims to raise $650 million over a three-year period to fund its work in communities around Jamaica.

The social stocks are being offered at $1 per unit while the minimum threshold is $500, this means that individual contributors to the project can secure as few as 500 shares through their brokers.

Donations can be made through the Project STAR and Jamaica Social Stock Exchange Websites. Persons in the diaspora can also log on to the American Friends of Jamaica Website to make donations.

Project STAR is a five-year social and economic transformation project that targets under-resourced, under-served communities experiencing high levels of crime or violence. Through a comprehensive consultation process, communities assist in determining their own needs and delivering solutions, which are further supported by extensive data and analysis. Project STAR was created by the Private Sector Organisation of Jamaica in partnership with the Jamaica Constabulary Force.