President of Uzbekistan Shavkat Mirziyoyev held a high-level meeting in Samarkand with Jenny Johnson, President and CEO of the prominent US-based asset management firm Franklin Templeton. The discussions centered on evaluating the outcomes of ongoing reforms within Uzbekistan's major state-owned enterprises and outlining future strategies to channel foreign investments through the national stock market.

Franklin Templeton has been directly involved in these structural overhauls, with its subsidiary Templeton Global Investments managing the assets of the National Investment Fund of Uzbekistan. The fund's portfolio comprises equity stakes in 18 large state-owned enterprises and commercial banks, which are systematically being restructured to enhance their market appeal and gradually listed on public exchanges.

A major milestone highlighted during the talks was the successful international initial public offering (IPO) of the National Investment Fund of Uzbekistan. The fund's shares were concurrently listed on the London Stock Exchange and the Tashkent Stock Exchange, successfully raising nearly 700 million US dollars while drawing market demand that outstripped supply by over fourfold.

Looking ahead, the parties addressed the critical next phase involving the deep operational transformation of the companies within the fund's portfolio. It was emphasized that these reforms must tangibly contribute to improving public welfare, elevating service quality and reliability, and expanding retail citizen participation in upcoming equity offerings.

Additionally, President Mirziyoyev and Ms. Johnson explored potential avenues for preparing large corporations for future IPOs, upgrading the managerial skills of enterprise executives, and securing Franklin Templeton's engagement in the development of the Tashkent International Financial Center.

Source: podrobno.uz