President of Uzbekistan Shavkat Mirziyoyev received Jenny Johnson, President and Chief Executive Officer of Franklin Templeton, in Samarkand on October 19, according to the presidential press service. During the meeting, the initial results of ongoing efforts to transform major state-owned enterprises were reviewed.
It was noted that the listing of shares of the National Investment Fund of Uzbekistan on the London and Tashkent stock exchanges marked the first international initial public offering (IPO) in the country's history. The offering raised nearly $700mn, with demand for shares exceeding supply by more than four times.
The meeting addressed the next phase of transforming companies within the National Investment Fund's portfolio. The transformation aims to improve the well-being of the population and enhance the reliability and quality of services. The importance of expanding public participation in future share offerings was also emphasized.
The discussions covered preparations for IPOs by major companies and the professional development of their management personnel. The meeting also addressed Franklin Templeton's involvement in the activities of the Tashkent International Financial Centre.
Source: Presidential Press Service
Earlier Daryo reported that Uzbekistan is considering plans to launch initial public offerings (IPOs) for selected companies and attract institutional investors as part of its efforts to reform state-owned enterprises and strengthen capital markets. The matter was discussed on October 13 during a meeting between Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and representatives of Franklin Templeton.
According to the Ministry of Economy and Finance, the talks addressed ongoing economic reforms, measures to improve the performance of state-owned enterprises, strengthen corporate governance and expand cooperation with international investors.