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The National Investment Fund of the Republic of Uzbekistan, known as UzNIF, said on Thursday evening that the UK Financial Conduct Authority has approved its registration document, as it mulls an initial public offering in Tashkent and London. UzNIF had earlier announced that it was considering trading global depositary receipts on the Main Market of the London Stock Exchange. It is also considering floating its ordinary shares in Uzbekistan’s capital, Tashkent. The investment fund, established by decree of Uzbek President Shavkat Mirziyoyev in August 2024, said it aims to transform Uzbekistan’s state-owned companies and improve their competitiveness. UzNIF said its priorities include increasing the attractiveness of Uzbekistan for investors, supporting the development of its economy and capital markets, and increasing foreign direct investment in Uzbekistan. 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, Templeton Global Investments’ Central Asia chief executive officer, said on Thursday afternoon: ‘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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