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The National Investment Fund of the Republic of Uzbekistan, alias UzNIF, on Thursday announced it is considering to trade global depositary receipts on the Main Market of the London Stock Exchange. The investment fund, which said it also mulling to trade on the Tashkent Stock Exchange, said it aims to transform Uzbekistan’s state-owned companies and improve of their competitiveness. The fund said it is considering to trade its ordinary shares in Uzbekistan’s capital Tashkent, while trading global depositary receipts in London. The fund was established via degree by Uzbek President Shavkat Mirziyoyev in August 2024 to increase the attractiveness of Uzbekistan for investors, support the development of its economy and capital markets, and to increase foreign direct investment in Uzbekistan, among others. The total net asset value of the stakes held by UzNIF in the portfolio companies was $2.44 billion, based on valuations as of December 31. Transportation accounted for about 32% of total NAV, followed by energy production with 19%, telecommunications with 15%, utilities with 15%, banking with 13% and other with 4.9%. Franklin Templeton Asset Management LLC acts as trustee of UzNIF and provides certain investment management services to the fund. The trustee is an indirect subsidiary of Franklin Resources Inc, also known as Franklin Templeton. Marius Dan, chief executive officer, Central Asia, Templeton Global Investments, said: ‘UzNIF has a strong and diversified portfolio of strategic assets in Uzbekistan, managed with a singular focus on unlocking value. The company is at the heart of Uzbekistan’s dynamic reforms that are driving the country’s rapid GDP growth. ‘The proposed IPO will further boost Uzbekistan’s position on the international investment stage, as this will be the first opportunity for international equity investors to gain exposure to Uzbekistan’s reform-driven and rapidly modernising economy.’ He added: ‘The proposed IPO of UzNIF also represents a defining moment for the development of Uzbekistan’s capital markets. It will offer a landmark opportunity for Uzbek people to own a part of the country’s future growth. We look forward to welcoming potential investors, creating value for all stakeholders and contributing to Uzbekistan’s long-term success.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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