The University College of the Caribbean (UCC), Jamaica.
The University College of the Caribbean (UCC), Jamaica’s largest privately held tertiary education institution and one of the ranking top four recognized universities with accredited programmes in the island, is preparing to launch the first ever IPO by a college or university in Jamaica. Led by Dr. Winston Adams, UCC’s President, and with major business partners in tow, the UCC will officially announce its plans at the Jamaican Diaspora Conference at the Montego Bay Convention Center, June 15-18, 2015.
In sync with the Conference theme, “Jamaica and the Diaspora: Linking for Growth and Prosperity”, the UCC will showcase a fully developed investment package throughout the three-day conference. The UCC will host a booth and exclusive, by invitation only, cocktail reception for investors, in partnership with JAMPRO, Jamaica’s investment and trade promotions agency.
“The UCC is looking forward to undertaking its next development phase, this time as a public company” said Dr. Adams. He further noted that the college is now taking the necessary steps in establishing an IPO targeting the international community, including the Jamaican Diaspora that will offer lucrative medium and long term investments in Jamaica in substantial and profitable areas of the economy.
Based on the pool of assets, the experience of the players and the strength of the plans, the UCC initiative has been welcomed by the Jamaica Stock Exchange. The IPO will be positioned to raise US$10 million of capital funding.
The capital will be utilized for the build out of the first phases of the university’s investment projects, including the development of Jamaica’s first university town. Partnering with UCC, is Zuccherina Developments, headed by foreign real estate developer, James Goren. Located on 192 acres of land, the expansive gated community is located just five minutes from Trelawny’s capital, Falmouth. The 1,200 home community is slated to be site for the development of UCC’s Western Region Campus focused on Tourism and Hospitality; Health and Wellness and a Boutique Hotel. UCC will be granted 10 acres of green space in the centre of the development.
The University Town will offer a host of complementary services and amenities such as banks, cambios, supermarkets and health facilities. The development has been conceptualized to be a first-world facility with tremendous appeal to international student.
Through Global Knowledge Processing Solutions Limited (GKPS), UCC is partnering with Gordon Tewani, of Tewani Investments Limited on its initial foray into the ever-expanding and highly lucrative Business Process Outsourcing sector. The business processing centre is already a going concern in the Kingston metropolis and is poised to secure customer contracts without the need for significant capital outlay in the initial phase. The project is however open to attracting additional capital to expand plant capacity on demand. GKPS is projected to be a significant earner of hard currency with huge employment generating capacity.
Acknowledging the significance of the Jamaican Diaspora in Jamaica’s development, Dr. Adams said, “The Jamaican Diaspora is an important and untapped source for investment. They have a compelling personal interest in Jamaica and have demonstrated this interest in decades of investment in real estate, financial support for their families remaining in Jamaica, not to mention to the education sector, in particular, in immeasurable ways”.
Dr. Adams went on to highlight his appreciation for the fact that Jamaicans abroad, like any investor, want real and viable investment opportunities that are profitable. “The fact that these investments will also redound to the benefit of the Jamaican economy and their families back home is but an additional benefit that makes the return on investment that much more attractive,” Dr. Adams said.
Published Date: June 5th, 2015
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