Uzbekistan is gearing up to bring some of its largest state-linked companies to public markets, with the national telecommunications operator Uztelecom taking the lead as the most advanced candidate for an international listing. This ambitious program spans across key sectors including telecommunications, aviation, banking, and energy, all aimed at attracting more private and international investment. For international investors, this could mean access to some of the biggest corporate assets in Uzbekistan, while for the country, it represents a crucial test to see if its capital-market reforms can evolve beyond the recent London debut of the National Investment Fund of Uzbekistan (UzNIF) into a wider array of publicly traded companies.
The process is being driven by UzNIF, managed by Franklin Templeton, which holds stakes in 13 major Uzbek firms and made its own entry into the London market in May. Uztelecom is at the forefront of this potential IPO pipeline, as reported by Marius Dan, the CEO for Central Asia at Templeton Global Investments. The company is already listed on the Tashkent Stock Exchange and is considering an international listing, alongside an increase in shares available domestically. This international offering could not only broaden the investor base but also inject fresh capital into the company for future investments.
When asked about the preparations, Dan highlighted that they include thorough evaluations of Uztelecom’s financial reporting, governance, and operational readiness. Meanwhile, five equity-advisor selection processes are currently underway for several companies, including Uzbekistan Airways and the National Electric Grid of Uzbekistan. Dan further noted that over the next two to three years, approximately 78% of the fund’s net asset value is expected to transition from unlisted to listed companies. This shift would mean that a majority of UzNIF’s value will reside in companies whose shares are publicly traded.
A presidential decree has set a goal for six UzNIF portfolio companies to be listed by the end of 2028, although no final decision has been made regarding the specific timing or sequence of these transactions. The governance structure is also undergoing changes, with Franklin Templeton working to enhance corporate governance across the portfolio. This includes reconfiguring supervisory boards and improving how the companies plan, manage resources, and report performance.
“We’ve made changes across all 13 companies,” Dan stated. “We’ve recruited ten highly reputable international directors to serve on the supervisory boards, in some cases for more than one company.” Currently, ten independent non-executive directors have been appointed across the portfolio, and 11 out of the 13 companies now feature supervisory boards where independent directors and Franklin Templeton representatives hold a majority. Nine transformation plans have been successfully completed, with four more anticipated in the coming months.
For instance, Uzbekistan Airways has identified 120 initiatives aimed at growth, efficiency, profitability, customer experience, and expansion. These changes are pivotal because a stock-market listing demands more than just selling shares; companies also need to present reliable accounts, establish clear decision-making processes, and develop governance structures that can withstand external scrutiny.
As of July 31, 2026, UzNIF’s net asset value was approximately €2.28 billion, with a reported net profit of €147 million for the first half of 2026. This includes a €156 million fair-value gain and €24 million in dividend income, with energy-related holdings making up around 37% of the fund’s net asset value. Dan pointed out that new regulatory frameworks are influencing valuations in several energy companies, determining how utilities can earn returns on infrastructure investments and how tariffs are set.
Initial tariff adjustments came into effect on August 1, with further details expected by late 2026 or early 2027. The forthcoming listings could channel funds directly into these companies, as opposed to merely permitting existing shareholders to sell their stakes. Dan mentioned that the government would have priority if it decided to sell shares, while UzNIF might also offload part of its holdings to ensure market liquidity.
“The companies will also have priority to raise capital as part of these IPOs because these are all incredibly exciting assets,” he emphasized. The distinction between selling existing shares and issuing new ones is crucial, as the latter can provide the necessary funds for investments in aircraft, telecom networks, power infrastructure, and more. However, the final structure of each transaction will be determined later.
2026 marks the first full year in which Franklin Templeton has managed UzNIF, following their takeover in May 2025. Dan expressed that this year’s results should offer a clearer foundation for evaluating profitability and future dividend potential, with the first UzNIF dividend being considered in 2028 based on the fund’s financial results from 2027.
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Kaynak: Orijinal Haber