Uzbekistan is exploring preparations for initial public offerings (IPOs) of selected companies and ways to attract institutional investors as part of efforts to transform state-owned enterprises and develop capital markets.
The discussions took place at a meeting between Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and representatives of Franklin Templeton on October 13.
The meeting focused on ongoing economic reforms, improving the efficiency of state-owned enterprises, strengthening corporate governance, and expanding cooperation with international investors, the Ministry of Economy and Finance reported.
Participants 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, deputy minister of economy and finance responsible for the oil and gas sector.
Particular attention was given to transforming companies in the portfolio of the Uzbekistan National Investment Fund (UzNIF), strengthening their corporate governance frameworks, improving financial transparency, and enhancing their investment appeal.
The parties also discussed preparations for IPOs of selected companies, access to international capital markets, and opportunities to attract institutional investors and leverage international expertise throughout the process.
The discussions also covered ways to improve investment processes, introduce corporate governance practices aligned with international standards, and foster long-term investment cooperation.
Both sides expressed interest in maintaining dialogue, exploring cooperation in priority areas, and considering potential joint initiatives.
Franklin Templeton began managing UzNIF in 2025. Established by presidential decree in August 2024 as a government-owned joint-stock company, the fund had an initial net asset value of $1.68bn and holds minority stakes of 20% to 40% in 18 major state-owned enterprises. Franklin Templeton has also opened an office in Tashkent to oversee the fund’s operations and support preparations for portfolio companies to go public.