Uzbekistan, Franklin Templeton plan next phase of state-owned firm reforms

Photo: The Press service of the President of Uzbekistan

BAKU, Azerbaijan, October 19. Uzbekistan is moving forward with plans to transform major state-owned enterprises and prepare additional companies for initial public offerings (IPOs) following the country's first international IPO, President Shavkat Mirziyoyev said during a meeting with Franklin Templeton President and CEO Jenny Johnson in Samarkand on October 19.

This was reflected in the statement by the press service of the Uzbek president.

The meeting focused on preliminary results of the ongoing transformation of large state-owned companies, according to the Uzbek president's press service.

The sides noted that the listing of shares in the National Investment Fund of Uzbekistan on the London and Tashkent stock exchanges marked the country's first international IPO. The offering attracted nearly $700 million, with demand exceeding supply by more than four times.

The next phase will focus on transforming companies within the fund's portfolio, with the goal of improving public welfare and increasing the reliability and quality of services, the statement said.

Moreover, the sides emphasized the importance of expanding public participation in future share offerings, allowing more citizens to invest in the country's businesses.

The discussions covered preparations for major companies to enter public markets, professional development for their management teams and Franklin Templeton's potential involvement in the Tashkent International Financial Center.

Franklin Templeton is a global investment management firm that provides investment strategies and asset management services to individuals, institutions and governments. Its involvement in Uzbekistan's National Investment Fund is part of the country's broader effort to improve corporate governance, attract international capital and expand private investment in state-owned enterprises.