Uzbekistan, Franklin Templeton discuss IPO plans for state-owned companies

Photo: The Ministry of Economy and Finance of Uzbekistan

BAKU, Azerbaijan, October 14. Uzbekistan and global investment management firm Franklin Templeton discussed plans to transform state-owned enterprises, develop capital markets and prepare selected companies for initial public offerings (IPOs) during a meeting in Tashkent on October 13.

This was reflected in the statement by Uzbekistan’s Ministry of Economy and Finance, following a meeting between Uzbek Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and representatives of Franklin Templeton.

The delegation included Manraj Sekhon, chief investment officer of Templeton Global Investments and CEO of Templeton Asset Management; Marius Dan, CEO for Central Asia at Templeton Global Investments; and Khurshed Mustafayev, Uzbekistan’s deputy minister of economy and finance responsible for the oil and gas sector.

The parties reviewed Uzbekistan’s ongoing economic reforms, efforts to improve the efficiency of state-owned enterprises, capital market development and opportunities to expand cooperation with international investors.

Particular attention was given to transforming companies in the portfolio of the Uzbekistan National Investment Fund (UzNIF), strengthening corporate governance, improving financial transparency and increasing their investment appeal.

Additionally, the discussions covered preparations for IPOs of selected companies, access to international capital markets and ways to attract institutional investors. The parties also considered opportunities to apply international expertise to these processes.

The meeting addressed measures to improve investment efficiency, introduce corporate governance practices aligned with international standards and build long-term investment cooperation.

Both sides expressed interest in continuing dialogue, exploring cooperation in priority areas and considering potential joint initiatives.