Jamaica Stock Exchange (JSE) and Affiliate Jamaica Social Stock Exchange (JSSE) Respond to the COVID 19 Crisis

Posted: April 21, 2020 at 4:41 pm

The Jamaica Stock Exchange (JSE), through its subsidiary, Jamaica Social Stock Exchange (JSSE) has launched a special appeal to assist MSMEs through this difficult period brought on by the effects of the COVID 19 virus. Two initially selected projects under this initiative are Teen Challenge Jamaica (TCJ) and Mona Tech Engineering Services.

“The COVID-19 pandemic has affected every area of the globe and this has serious implication for businesses. The JSE, through its subsidiary JSSE, has to lend assistance to businesses and organizations” states Mrs. Marlene Street Forrest, JSE’s Managing Director. After seeing the critical needs within these two organizations – Teen Challenge Jamaica (TCJ) and Mona Tech Engineering Services – the Jamaica Social Stock Exchange (JSSE) without hesitation contacted these organizations and offered assistance. However, a one-off assistance would not work because there needs to be a flow of income into these organizations to keep them operational. The JSE is appealing to individuals and other organizations to contribute to this worthy cause.”

This project was selected by JSSE because of the significant social impact of the initiative, as the entity works to create opportunities for rehabilitated teens to re integrate into society, while providing self-sustaining services to the community. Based in based St Ann, it offers a one-year residential, faith-based (Christian) rehabilitation program with a goal to facilitate life-transformation for people with life-controlling problems, one life at a time.

In this challenging COVID 19 environment where hotels are closed the organization currently has an excess supply and bills are piling up with a greatly diminished cash flow. As a part of its MSME COVID19 response to TCJ, on April 15, the JSSE provided it support by purchasing 250 pounds of chicken meat to donate to the hard working Health Sector workers in Kingston & Saint Andrew. The JSSE is appealing to our customers, partners, and all concerned citizens to support this MSME RELIEF FUND, which is aimed at raising $1,000,000 for Teen Challenge Jamaica.

The Ventilators are critical equipment needed in the care of patients in the advanced stages of COVID-19 infections. The JSSE has also selected MONA TECH Engineering Services, in the Department of Engineering at the UWI-Mona to benefit under the COVID 19 RELIEF FUND.

This organization is on a drive to repair malfunctioning ventilators and other bio-medical equipment so desperately needed to treat persons affected by the COVID –19 virus. “There are many defective units within the hospitals, many of which are salvageable” said Paul Aiken, Manager at Mona Tech.

Eight GE iVent201 ventilators were repaired during the week of March 30 to April 3, 2020 at a cost of J$407,200.00. An estimated J$3,102,000 will be required for an additional 6 weeks of such repair works on additional ventilators. A total amount of J$3,509,200 is being sought to repair these machines.

The Jamaica Social Stock Exchange (JSSE) appeal for your assistance for these two worthy projects.

-End-

CONTACT:
NEVILLE ELLIS
JAMAICA STOCK EXCHANGE
TEL: (876) 967-3271
Fax: (876) 924-9090

Leave a Comment