REG - UzNIF JSC - Expected Intention to Float
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RNS Number : 8645Z National Investment Fund Uzbekistan 09 April 2026
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, CANADA,
AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE SUCH
DISTRIBUTION WOULD BE UNLAWFUL.
This announcement is an advertisement for the purposes of PRM 12
"Advertisements and other disclosure of information" under the Prospectus
Rules: Admission to Trading on a Regulated Market ("PRM") and is not a
prospectus nor an offer of securities for sale or subscription, nor a
solicitation of an offer to acquire or subscribe for securities, in any
jurisdiction, including in or into the United States, Canada, Australia, South
Africa or Japan.
Neither this announcement, nor anything contained herein, nor anything
contained in the Registration Document (as defined herein) shall form the
basis of, or be relied upon in connection with, any offer or commitment
whatsoever in any jurisdiction. Investors should purchase any securities
referred to in this announcement or the Registration Document solely on the
basis of the information contained in a prospectus in its final form,
including the risk factors set out therein, that may be published by the
"National Investment Fund of the Republic of Uzbekistan" JSC in due course
(the "Prospectus"). Any such Prospectus, if published, will be available for
inspection on the Company's website at www.uznif.com, subject to certain
access restrictions.
9 April 2026
The "National Investment Fund of the Republic of Uzbekistan" JSC
Announcement of Intention to Publish a Registration Document and Expected
Intention to Float on the London Stock Exchange and Tashkent Stock Exchange
London and Tashkent, 9 April 2026 - The "National Investment Fund of the
Republic of Uzbekistan" JSC ("UzNIF" or the "Company") today announces that it
intends to publish a registration document (the "Registration Document") and
is considering proceeding with an initial public offering (the "IPO" or the
"Offering") by the Ministry of Economy and Finance of the Republic of
Uzbekistan (the "Selling Shareholder") of the Company's ordinary shares (the
"Shares") in the form of ordinary shares (the "Offer Shares") and Global
Depositary Receipts (the "GDRs" and, together with the Offer Shares, the
"Securities").
UzNIF is considering applying for admission of its ordinary shares to trading
on the Tashkent Stock Exchange (the "TSE") and for admission of its GDRs to
the "certificates representing certain securities (depositary receipts)"
category of the Official List of the Financial Conduct Authority (the "FCA")
and to trading on the main market for listed securities of the London Stock
Exchange (the "LSE").
UzNIF Highlights
· UzNIF was established pursuant to a Decree of the President of the Republic of
Uzbekistan from August 2024 to increase the attractiveness of Uzbekistan for
investors, support the development of its economy and capital markets,
increase foreign direct investment in the country, accelerate the
transformation of large companies and commercial banks controlled by
Uzbekistan, and improve corporate governance in the Portfolio Companies (as
defined below).
· UzNIF is structured to manage a defined portfolio of assets with the objective
of increasing its net asset value - the key performance indicator of the
Company - and optimising returns to shareholders through strategic asset
management and selective IPO transactions focused on increasing the liquidity
of the portfolio.
· UzNIF's objectives include, among other goals, the transformation of
Uzbekistan's state-owned companies (SOEs) in the Company's portfolio (the
companies currently comprising the portfolio, the "Portfolio Companies") and
enhancement of their competitiveness, profitability and efficiency through the
introduction of modern corporate governance mechanisms, implementation of IFRS
financial reporting, adoption of ESG principles and implementation of
innovative processes and technologies.
· The Total NAV(1) of the stakes held by UzNIF in the Portfolio Companies was
USD 2.44bn(2), based on valuations as of 31 December 2025, and transportation
accounted for 32.4% of the Total NAV, followed by energy production (19.1%),
telecommunications (15.2%), utilities (14.9%), banking (13.4%), and other
(4.9%).
· The Ministry of Economy and Finance of the Republic of Uzbekistan is the sole
shareholder of the Company.
· FE "Franklin Templeton Asset Management" LLC, a foreign enterprise limited
liability company incorporated in Uzbekistan, acts as trustee (the "Trustee")
of UzNIF and, in such capacity, provides certain investment management
services to UzNIF. The Trustee is a wholly-owned indirect subsidiary of
Franklin Resources, Inc. ("Franklin Templeton"), a global investment
management organisation with subsidiaries operating as Franklin Templeton and
serving clients in over 150 countries. With more than 1,500 investment
professionals and offices in major financial markets around the world,
Franklin Templeton has over 75 years of investment experience and over $1.74
trillion in assets under management as of 28 February 2026.
(1) "Total NAV" means the aggregate net asset value of the Company's Portfolio
Companies, calculated as the sum of the values attributable to the Company's
proportionate equity stakes in each Portfolio Company, as determined by
independent valuation reports prepared by a Big Four accounting firm and
discounted to reflect the size of such stake.
(2) Based on valuation reports for each Portfolio Company prepared by a Big
Four independent valuer as of 31 December 2025 (based on the latest available
financial information for each investment, with financial reporting dates
ranging from 30 September 2025 to 31 December 2025). Valuations are reviewed
periodically and are subject to change. The value of the Company's stake in
each Portfolio Company is discounted to reflect the size of such stake.
Marius Dan, CEO, 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.
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."
Expected Offering Highlights
Should UzNIF proceed with the IPO, the current expectation is that:
· The Offering would comprise two tranches
(i) an offering of Offer Shares to eligible institutional investors in
Uzbekistan and certain other jurisdictions and eligible retail investors who
are citizens of Uzbekistan or certain other jurisdictions (the "Tashkent
Offering"); and
(ii) an offering of GDRs to certain institutional investors outside of
Uzbekistan (the "International Offering").
· Further information about the Tashkent Offering, including price details for
eligible retail investors will be announced at a later date.
· All of the Securities to be offered as part of the Offering would be sold by
the Selling Shareholder. The Company would not receive any of the proceeds
from the sale of the Securities by the Selling Shareholder.
· The final number of Offer Shares allocated in the Tashkent Offering and GDRs
allocated in the International Offering would be decided at the absolute
discretion of the Selling Shareholder, after consultation with the Sole Global
Coordinator (as defined below), after the closing date for applications.
· The GDRs would be listed and admitted to trading on the LSE. The Shares would
be listed and admitted to trading on the TSE.
· The International Offering is managed by Jefferies International Limited
acting as the sole global coordinator (the "Sole Global Coordinator") and Abu
Dhabi Commercial Bank PJSC, Auerbach Grayson and Company LLC, Raiffeisen Bank
International AG in cooperation with ODDO BHF SCA and WOOD & Company
Financial Services, a.s. (collectively, the "Joint Bookrunners").
· The Tashkent Offering is managed by Alkes Research LLC, Avesta Investment
Group LLC and Bluestone Financial Group Inc LLC JV (collectively, the
"Domestic Managers").
· STJ Advisors Group Limited, ScholzvonGleich LLP and Finasia Capital Ltd. are
acting as financial advisors to the Company in relation to the Offering.
· Cleary Gottlieb Steen & Hamilton LLP and Kosta Legal are acting as legal
advisors to the Company and Selling Shareholder. White & Case LLP and
Dentons Tashkent are acting as legal advisor to the Sole Global Coordinator
and Joint Bookrunners.
· In connection with the International Offering, the Selling Shareholder would
grant an over-allotment option for up to a maximum of 15% of the GDRs.
· Any additional details in relation to the Offering would be disclosed in
further announcements and in the Prospectus, if and when published.
As the subscription period for the expected IPO would only be open for a
limited period, eligible retail investors may wish to take preparatory steps
for the submission of their orders for Offer Shares in the Tashkent Offering,
including the opening of brokerage accounts in Uzbekistan.
A copy of the Registration Document will be submitted to the National Storage
Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
A copy of the Registration Document will also be available online
at https://www.uznif.com/en-uz, subject to certain access restrictions.
Access to supplemental information for bona-fide, unconnected research
analysts: Information in relation to the Company will be made available via a
link to unconnected research analysts today. Please contact Aliy Akbarov,
Investor Relations Manager, at aliy.akbarov@franklintempleton.com
(mailto:aliy.akbarov@franklintempleton.com) if you are a research analyst and
would like to receive access to the information.
Portfolio
· As of the date hereof, the Company's portfolio is composed of minority
holdings in 13 SOEs in Uzbekistan.
Company name Share capital held by the Company NAV(3) % of Total NAV
Uzbekistan 25% $403,607,478 16.5%
Airways............................................................................
Uzbekhydroenergo............................................................................. 40% $391,307,008 16.0%
Uzbektelecom...................................................................................... 30% $370,914,723 15.2%
Railway Infrastructure 40% $363,423,502 14.9%
Company...................................................
SQB....................................................................................................... 40% $327,962,369 13.4%
National Electric 40% $155,039,312 6.4%
Grid.........................................................................
Regional Gas Supply 40% $151,262,513 6.2%
Company.......................................................
Uzbek Commodity 40% $85,634,864 3.5%
Exchange..........................................................
Thermal Power 25% $75,201,080 3.1%
Plants........................................................................
Regional Electric Networks Company............................................ 40% $50,242,686 2.1%
Uzbekinvest......................................................................................... 40% $34,604,247 1.4%
Tashkent City Transport 25% $25,000,264 1.0%
Services....................................................
Water Supply 40% $6,590,404 0.3%
Company....................................................................
Total Aggregate NAV of $2,440,790,451 100%
Portfolio Companies ("Total NAV")............................................
( )
(3) Based on valuation reports for each Portfolio Company prepared by a Big
Four independent valuer as of 31 December 2025 (based on the latest available
financial information for each investment, with financial reporting dates
ranging from 30 September 2025 to 31 December 2025). Valuations are reviewed
periodically and are subject to change. The value of the Company's stake in
each Portfolio Company is discounted to reflect the size of such stake.
· According to a Presidential Decree(4), the Government of Uzbekistan has set
out plans for the initial public offerings of six Portfolio Companies
(Uzbekistan Airways, National Electric Grid, Uzbektelecom, Uzbekhydroenergo,
the Regional Electric Networks and the Regional Gas Supply) by the end of
2028.
· Portfolio Companies have a minimum mandated dividend payout ratio of at least
50% of their net profit until 2030, based on the results of the corresponding
year and subject to applicable provisions in the relevant Presidential
Decree(s)(5). The Company currently expects that dividends, if any, shall be
declared on an annual basis based on the Company's audited financial
statements for the prior year, and that its first annual dividend payment, if
any, will be made in 2027 based on the Company's net profit for the year
ending 31 December 2026.
(4) Presidential Decree (RP-145) dated 21 April 2025.
(5) Presidential Decree (RP-303) dated 27 August 2024.
Key Investment Highlights
· UzNIF provides access to a broad-based diversified portfolio of strategic
assets untethered to global commodities.
The initial UzNIF portfolio of 18 companies was agreed with the Government of
Uzbekistan in late 2023, and Franklin Templeton began the mandate on 1 May
2025.
Together with the Government, Franklin Templeton has conducted detailed
diagnostics of Portfolio Companies and ongoing discussions on the IPO
suitability, optimising the portfolio to 13 companies with higher ownership
stakes. The current sector breakdown is as follows: Transportation (32%),
Energy Production (19%), Telecommunications (15%), Utilities (15%), Banking
(13%) and Other (5%).(6)
· UzNIF provides investors with structural exposure to Uzbekistan's 6%+ GDP
growth trajectory driven by reforms and attractive demographics.
In 2025, Uzbekistan's real GDP growth was approximately 7.7% compared with
2024 (according to the National Statistical Committee of the Republic of
Uzbekistan) driven primarily by domestic demand, increasing investment, and
structural reforms. For the first time, GDP exceeded USD 145 billion, while
GDP per capita continued its steady upward trajectory. Real GDP grew at a
compound annual growth rate ("CAGR") of 5.8% between 2018 and 2024, with
projected growth at a CAGR of 5.9% between 2024 and 2030, outpacing several
neighbouring countries.
Uzbekistan's young, literate and tech-savvy population - 38 million strong
with a median age under 30 - is increasingly urbanised and digitally
connected.
Consumer price inflation stood at approximately 7.3% at the end of 2025,
easing from approximately 9.8% at the end of 2024, following an increase in
energy prices.
The Uzbekistan-2030 strategy focuses on transitioning Uzbekistan to
upper-middle-income status through economic modernisation and liberalisation,
with total GDP targeted to exceed $200 billion by 2030. It also targets an
increase in annual income per capita to $5,000 by 2030. In parallel, the
strategy aims to attract up to $250 billion in total investment, including
$110 billion in foreign direct investment and $30 billion through
public-private partnerships.(7)
Uzbekistan is endowed with abundant natural resources, including gold, copper,
uranium and natural gas, which underpin its industrial base.
( )
· UzNIF is at the heart of Uzbekistan's dynamic liberalisation and reform agenda
which is driving rapid GDP growth.
Since early 2017, the Government of Uzbekistan has introduced a number of
measures aimed at the liberalisation of Uzbekistan's economy and encouraging
growth and foreign investment.
Uzbekistan's financial and fiscal discipline is recognised and rated "BB" by
Fitch Ratings and "BB" by Standard & Poor's.
Large-scale infrastructure modernisation has included thousands of kilometres
of new and repaired roads and major rail upgrades, such as the electrification
of the Bukhara-Urgench-Khiva line, significantly reducing travel time from
Tashkent, as well as the active development of transport links with all
neighbouring countries.
The reforms are underpinned by strong political continuity following the 2023
constitutional referendum, approved by over 90% of voters with 84% turnout,
extending presidential terms from five to seven years and reinforcing
long-term political stability.
· Franklin Templeton has approximately 40 years of experience in emerging
markets and direct and relevant experience in maximising value in a similar
setting as fund manager of Fondul Proprietatea in Romania.
Franklin Templeton has served as Fondul Proprietatea's fund manager since
2010, playing a key role in promoting corporate governance, transparency and
capital market development in Romania.
With a total shareholder return of 934% in USD terms and 1,340% in local
currency from the listing on 25 January 2011 until 31 December 2025, the share
price performance of Fondul Proprietatea has exceeded the performance of
S&P 500, MSCI World, and MSCI Emerging Markets.
· UzNIF has a wide-reaching mandate, underpinned by a Presidential Decree(8), to
transform and unlock the value of its Portfolio Companies through Franklin
Templeton's value creation process.
· UzNIF has a clear mandate to enhance the corporate governance, transparency,
efficiency and profitability of its Portfolio Companies.
The Trustee holds defined governance rights across the Company's Portfolio
Companies, including the ability to nominate at least two board members in
each company. It also has the right to recommend the appointment of
operational managers and supports Portfolio Companies in structuring boards,
including the introduction of independent directors and, where applicable, a
majority-independent composition.
(6) Values may not add to 100% due to rounding.
(7) Uzbekistan - 2030 Strategy.
(8) Presidential Decree RP-303 dated 27 August 2024 establishing UzNIF.
Additional Information on the Structure of the Expected Offering
Should UzNIF proceed with the IPO, the current expectation is that:
· Neither the Offer Shares nor the GDRs have been or will be registered under
the U.S. Securities Act of 1933, as amended (the "Securities Act"), and
neither the Offer Shares nor the GDRs may be offered or sold in the United
States absent registration or an exemption from registration under the
Securities Act.
· The GDRs would be offered, as applicable:
(i) in the United States to institutional investors that the Company and any
person acting on behalf of the Company know or reasonably believe to be both
(i) "qualified institutional buyers" ("QIBs"), as defined in Rule 144A ("Rule
144A") under the Securities Act; and (ii) "qualified purchasers" ("QPs"), as
defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940, as
amended (the "Investment Company Act"), in accordance with Rule 144A under the
Securities Act and Section 3(c)(7) of the Investment Company Act,
respectively; and
(ii) outside the United States, to persons that are not, and are not acting
for the account or benefit of, "U.S. persons" in "offshore transactions" as
defined in, and in reliance on, Regulation S under the Securities Act
("Regulation S").
· Offer Shares would only be offered and sold to certain institutional investors
in Uzbekistan and certain other jurisdictions and eligible retail investors
who are citizens of Uzbekistan or certain other jurisdictions, in each case
(i) in offshore transactions to persons who are not, and are not acting for
the account or benefit of, U.S. persons and (ii) who are eligible to acquire
Offer Shares under the laws of the Republic of Uzbekistan and certain other
jurisdictions.
Enquiries:
Franklin Templeton
Investor Relations/Enquiries:
Aliy Akbarov, Investor Relations Manager aliy.akbarov@franklintempleton.com (mailto:aliy.akbarov@franklintempleton.com)
+998 95 382 0880
Public Relations/ Enquiries:
Saira Khan, Corporate Communications Director saira.khan@franklintempleton.co.uk (mailto:saira.khan@franklintempleton.co.uk)
+44 (0)20 7073 8644
Feruza Nomozova, Corporate Communications Manager feruza (mailto:feruza.nomozova@franklintempleton.com) .
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Hudson Sandler
International media:
Charlie Jack / Maria Shiryaevskaya franklintempleton@hudsonsandler.com
(mailto:franklintempleton@hudsonsandler.com)
+44 20 7796 4133
Uzbekistan media:
Alisher Makhsudov franklintempleton@hudsonsandler.com
(mailto:franklintempleton@hudsonsandler.com)
+998 91 409 97 79
Notes to Editors:
About Franklin Templeton
Franklin Resources, Inc. NYSE:BEN is a global investment management
organization with subsidiaries operating as Franklin Templeton and serving
clients in over 150 countries. Franklin Templeton's mission is to help clients
achieve better outcomes through investment management expertise, wealth
management and technology solutions. Through its specialist investment
managers, the company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and multi-asset
solutions. With more than 1,500 investment professionals, and offices in major
financial markets around the world, the California-based company has over 75
years of investment experience and over US $1.74 trillion in assets under
management as of 28 February 2026. For more information, please
visit www.franklinresources.com (http://www.franklinresources.com/) .
About UzNIF
UzNIF was established in December 2024 as a joint-stock company following the
adoption of the Decree of the President of the Republic of Uzbekistan "On the
establishment of the National Investment Fund of the Republic of Uzbekistan"
dated 27 August 2024.
FE "Franklin Templeton Asset Management" LLC, a foreign enterprise limited
liability company incorporated in Uzbekistan, a wholly-owned indirect
subsidiary of Franklin Resources, Inc., based in Tashkent, has been appointed
as Trustee of UzNIF, following the signing of an Investment Management
Agreement with the Ministry of Economy and Finance of Uzbekistan. The Company
became operational on 1 May 2025 and all management powers were transferred to
the Trustee on 11 August 2025.
Further information:
The Supervisory Board and Trustee Senior Management
The Supervisory Board
As at and during the period ended 31 December 2025, all four appointed
Supervisory Board members were senior government officials of the Republic of
Uzbekistan. The appointment of an independent board member is underway and is
expected to be completed in the near future.
Jamshid Kuchkarov - Chair
Jamshid Kuchkarov currently serves as Deputy Prime Minister, Minister of
Economy and Finance of Uzbekistan, a role he has held since August 2023. Over
the years, he has held senior positions in the Ministry of Finance of
Uzbekistan, before becoming Deputy Prime Minister of Uzbekistan for economic
development, where he was responsible for the structural transformation of
investments, reform of the banking and financial systems and coordination of
the activities of free economic and small industrial zones. Mr. Kuchkarov
graduated from the Tashkent Institute of National Economy (now Tashkent State
Economic University) in 1985 and from the University of Colorado in 1996.
Bobur Khodjaev - Member
Bobur Khodjaev is the Head of the FinTech, IT and AI Department in the
President's Office. Previously, Mr. Khodjaev served as the Deputy Advisor to
the President, as well as the Deputy Minister of Economy and Finance of
Uzbekistan, where he was responsible for the transformation and privatisation
of state-owned enterprises and banks. He also held senior positions at the
Asian Development Bank in Manila (as Alternate Executive Director) and the
Fund for Reconstruction and Development in Tashkent (as Deputy Head of
Department). Mr. Khodjaev has a Master's degree in Finance from the University
of Cambridge and is a Project Management Professional (as certified by the
Project Management Institute) and a Certified Management Accountant (as
certified by the Institute of Management Accountants).
Azizbek Urunov - Member
Azizbek Urunov is the Representative of the President of Uzbekistan for World
Trade Organisation ("WTO") affairs and Chief Negotiator, focusing on WTO and
trade negotiations as well as investment support and promotion. His previous
experience includes serving as Senior Consultant at the President's Office,
Department Director at the Ministry of Investments and Foreign Trade and Head
of Department at the Ministry of the Economy of Uzbekistan, focusing on
foreign trade. Mr. Urunov holds a Postgraduate Degree in Strategy and
Innovation from Saïd Business School, the University of Oxford, a Master's
degree in Public Policy from KDI School of Public Policy and Management in
Korea and a Bachelor's degree in International Economic Relations from the
University of World Economy and Diplomacy in Tashkent.
Khurshed Mustafayev - Member
Khurshed Mustafayev serves as Deputy Minister of Economy and Finance of
Uzbekistan for the Oil and Gas Sector, a position he assumed in December 2025.
In his capacity as Deputy Minister, he has been actively involved in
high-level meetings with international financial institutions and investment
banks regarding the privatisation processes, finance and economic reform and
World Bank delegations on key reforms in the energy sector. Mr. Mustafayev
began his career in 2002 as an economist in the General Budget Department of
Bukhara Region Finance Administration, focusing on the financing of public
education, science, culture, and personnel training. Over the years, he held
various senior positions within the Bukhara Region Finance Administration and
the Ministry of Economy and Finance of the Republic of Uzbekistan. Mr.
Mustafayev graduated from the Tashkent Financial Institute in 2002 and
obtained a Master's degree from the Academy of Banking and Finance of the
Republic of Uzbekistan in 2009 and from Ritsumeikan University in Japan in
2014.
Trustee Management Team
Marius Dan - Chief Executive Officer for Central Asia at Templeton Global
Investments and General Director of the Trustee
Marius Dan is the Chief Executive Officer for Central Asia at Templeton Global
Investments and General Director of the Trustee. Mr. Dan joined Franklin
Templeton in 2011, and has since been responsible for corporate and investment
strategy and oversight of operations in emerging and frontier markets, with a
particular focus on Central Asia. Since 2025, he has overseen the management
of the Company, currently serving as the General Director of the Trustee.
Previously, Mr. Dan was Deputy CEO, Corporate Strategy for Franklin Templeton
Romania, the Fund Manager of Fondul Proprietatea, which reached a market
capitalisation of over U.S.$3.0 billion at its peak and was listed in London
and Bucharest. Prior to joining Franklin Templeton, Mr. Dan worked as anchor
and editor of capital markets programs at The Money Channel in Romania and was
employed by BT Asset Management, the largest Romanian asset manager. Mr. Dan
earned a Master's degree in finance from the University of Wyoming and
graduated summa cum laude with a Bachelor's degree in finance from Wingate
University. He speaks English and Romanian.
Karen Srapionov - Director of Investments
Karen Srapionov joined the Trustee in 2025 as a Director of Investments in its
Tashkent office, in charge of managing operations with the Portfolio
Companies. Previously, Mr. Srapionov was a Director at a local investment
advisory firm, Avesta Investment Group LLC, for more than 19 years. He is also
a member of the Supervisory Board of the Tashkent Stock Exchange and a member
of the Capital Market Development Advisory Board under the National Agency for
Prospective Projects. Mr. Srapionov earned an MSc in Economy with a
specialisation in Economy, Finance and Marketing from the Tashkent Institute
of Railway Engineers. He speaks English and Russian.
Aliy Akbarov - Investor Relations Manager
Aliy Akbarov joined Franklin Templeton in June 2025 as Investor Relations
Manager in the Tashkent office. In his role, Mr. Akbarov is responsible for
all investor relations activities and leading various IPO-readiness
initiatives for the Company. Previously, Mr. Akbarov was Head of Investor
Relations at Uzum Technologies LLC, the first company from Uzbekistan to be
considered a "unicorn", and held various investor relations and fundraising
roles at leading UK-based investment managers, such as Round Hill Capital
Europe Ltd and Bedrock Asset Management UK Ltd. Mr. Akbarov earned a BSc
(Hons) in Business Management from King's College London. He speaks English,
French, Uzbek and Russian.
Elena Kholina - Senior Corporate Counsel
Elena Kholina joined Franklin Templeton in 2025 as Senior Corporate Counsel
and has since overseen work related to the Company's governance frameworks,
the structuring of its investments, and its IPO preparation. Previously, Mrs.
Kholina served as Group Head of Legal and Compliance at Enera, Group Head of
Legal and Compliance at ITI Capital and General Counsel at Golden House
Development. She also worked in leading international law firms, private
equity and investment groups in Moscow and Luxembourg, advising on corporate,
M&A, capital markets, private equity and finance matters. Mrs. Kholina
earned degrees from the Saïd Business School, the University of Oxford, the
London School of Economics and Political Science, London Business School,
Finance University Moscow, New York University School of Law, the Russian
School of Private Law and Moscow State University Law College. She is
qualified as a Solicitor in England and Wales and as an Attorney in Russia.
She speaks English and Russian.
Alina Akchurina - Chief Compliance Officer
Alina Akchurina joined Franklin Templeton in April 2025 as Chief Compliance
Officer in its Tashkent office. In her role, Mrs. Akchurina is responsible for
strategic oversight of the Company's compliance framework and governance. Mrs.
Akchurina was Chief Ethics and Compliance Officer at a leading digital
operator, Unitel LLC (Beeline Uzbekistan), part of VEON Group, for nearly 12
years. She also has experience with risk management and internal controls.
Mrs. Akchurina earned a Bachelor's degree in Management from Moscow
Technological University and professional ICA certificates in compliance from
The University of Manchester. She speaks English and Russian.
Orifjon Tashtemirov - Manager of Operations
Orifjon Tashtemirov joined Franklin Templeton in April 2025 as Manager of
Operations in the Tashkent office. In his role, Mr. Tashtemirov is responsible
for operational and financial activities of the Company. Previously, Mr.
Tashtemirov was Head of Reporting at Uzcard, the first company from Uzbekistan
established to enable cashless transactions and process electronic payments
nationwide. It has grown into one of the largest IT companies in the country,
playing a central role in the development of the national payment
infrastructure and digital financial services. Mr. Tashtemirov led the entire
financial division including departments such as accounting, IFRS reporting
and management reporting. He began his career as a Junior Auditor at Ernst
& Young. Mr. Tashtemirov earned a BSc (Hons) in Economics with Finance
from the University of Westminster and an MSc in Business Analytics from the
University of Vienna. He speaks English, Uzbek and Russian.
Selected Financial and Operating Information
Statement of Comprehensive Income for the Period from 24 December 2024 to 31
December 2025
For the period from 24 December 2024 to
31 December 2025
UZS, million USD, million((1))
Net unrealized gain from equity investments at fair value through profit or 1,662,300 138.23
loss....................
Gross dividend income................................ 171,535 14.26
Net operating income................................. 1,833,835 152.50
Operating expenses..................................... (203,250) (16.90)
Total operating expenses............................ (203,250) (16.90)
Profit before income tax............................. 1,630,585 135.60
Income tax expense..................................... (227,435) (18.91)
Profit for the period.................................... 1,403,150 116.68
Other comprehensive income....................... - -
Total comprehensive income for the period 1,403,150 116.68
Basic and diluted earnings per share......... 0.1021 0.00000849
((1)) UZS 12,025.33 = $1 (the Central Bank of Uzbekistan rate as of 31
December 2025).
Statement of Financial Position as at 31 December 2025
31 December 2025
UZS, million USD, million((1))
Assets
Cash and cash equivalents............................ 32,730 2.72
Equity investments at fair value through profit or 30,120,689 2,504.77
loss.........................................................
Dividend receivables.................................... 128,374 10.68
Other assets................................................. 4,748 0.39
Total assets................................................. 30,286,541 2,518.56
Liabilities
Other payables............................................. 206,144 17.14
Deferred tax................................................. 218,858 18.20
Total Liabilities........................................... 425,002 35.34
Equity
Share Capital................................................ 27,886,660 2,318.99
Treasury shares............................................ (2,615,347) (217.49)
Share premium reserve................................. 3,187,076 265.03
Retained earnings......................................... 1,403,150 116.68
Total equity................................................. 29,861,539 2,483.22
Total liabilities and equity........................... 30,286,541 2,518.56
( )
((1)) UZS 12,025.33 = $1 (the Central Bank of Uzbekistan rate as of 31
December 2025).
Statement of Cash Flows for the Period from 24 December 2024 to 31 December
2025
For the period from 24 December 2024 to
31 December 2025
UZS, million USD, million((1))
Cash flows from operating activities
Dividends received (net of tax)......................... 34,584 2.88
Suppliers and other taxes paid......................... (1,854) (0.15)
Net cash flows from operating activities......... 32,730 2.72
Net cash flows from investing activities.......... - -
Net cash flows from financing activities......... - -
Net increase in cash and cash equivalents..... 32,730 2.72
Cash and cash equivalents at the beginning of the - -
period.......................................................
Cash and cash equivalents at the end of the 32,730 2.72
period............................................................
((1)) UZS 12,025.33 = $1 (the Central Bank of Uzbekistan rate as of 31
December 2025).
Important Legal Information
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed by any
person for any purpose on the information contained in this announcement or
its accuracy, fairness or completeness.
Some of the information in these materials includes statements that are, or
may be deemed to be, "forward-looking statements" and which reflect the
Company's views with respect to the Company's and the Portfolio Companies'
results of operations, financial condition, business strategy and its plans
and objectives for future operations.
These forward-looking statements can be identified by the use of
forward-looking terminology, including the words "targets", "proposes",
"plans", "believes", "expects", "aims", "forecasts", "intends", "will", "may",
"might", "estimates", "projects", "envisages", "anticipates", "continues",
"would", "could" or "should" or similar expressions or, in each case, their
negative or other variations or by discussion of strategies, plans,
objectives, goals, future events or intentions. These forward-looking
statements all include matters that are not historical facts. They appear in a
number of places throughout these materials and include statements regarding
the intentions, beliefs or current expectations of the Company and/or its
management concerning, among other things, the results of operations,
financial condition, liquidity, capital expenditures, prospects, growth,
strategy and dividend policy of the Company or its Portfolio Companies and the
industry in which they operate.
By their nature, such forward-looking statements are necessarily dependent on
assumptions, data or methods which may be incorrect or imprecise and may be
incapable of being realised. Such forward-looking statements are based on
numerous assumptions regarding the Company's and the Portfolio Companies'
present and future business strategies and the environment in which the
Company or the Portfolio Companies will operate in the future. Moreover, they
involve known and unknown risks, uncertainties and other important factors
beyond the Company's control that could cause the actual results, performance
or achievements of the Company or the Portfolio Companies to be materially
different from future results, performance or achievements expressed or
implied by such forward-looking statements. Important factors that could cause
the Company's or the Portfolio Companies' actual results to so vary include,
but are not limited to: the impact of certain laws and regulations and the
interpretation, application or enforcement thereof; changes in the Company's
portfolio and changes in the general economic, political, social or legal
environment; changes in the development of the industry sectors in which the
Portfolio Companies operate, including any delay or discontinuation of the
ongoing reforms in certain sectors (e.g., the energy sector); liquidity of the
Company's investments, or lack thereof; the Company's organisational,
ownership and investment structure; the Company's ability to successfully
implement any of its strategies; changes in the market expectations of the
Company; inflation, fluctuations of interest rates and exchange rates; or
factors not known by the Company as of the date of this announcement.
Certain data in this announcement, including financial, statistical, and
operating information, have been rounded. As a result of the rounding, the
totals of data presented in this announcement may vary slightly from the
actual arithmetic totals of such data. Percentages in tables may have been
rounded and accordingly may not add up to 100%. Unless otherwise indicated,
market, industry and competitive position data are estimated (and accordingly,
approximate) and should be treated with caution. Such information has not been
audited or independently verified, nor has the Company ascertained the
underlying economic assumptions relied upon therein.
For the avoidance of doubt, the contents of the Company's website or any
website directly or indirectly linked to the Company's website, including
websites of the Portfolio Companies, are not incorporated by reference into,
and do not form part of, this announcement.
These materials are not an offer for sale of securities in the United States
or to U.S. persons. Securities may not be offered or sold in the United States
or to U.S. persons absent registration under the U.S. Securities Act of 1933,
as amended (the "Securities Act"), or an exemption from registration under the
Securities Act. The Company has not registered and does not intend to register
any part of the offering in the United States or to conduct a public offering
of any securities in the United States. Any securities sold in the United
States will be sold only to investors that are known or reasonably believed to
be (i) qualified purchasers as defined in Section 2(a)(51) of the Investment
Company Act and (ii) qualified institutional buyers pursuant to, and as
defined in, Rule 144A under the Securities Act (or upon another exemption from
the registration requirements of Section 5 under the Securities Act) and
Section 3(c)(7) of the Investment Company Act, respectively. The Company has
not been and will not be registered under the Investment Company Act and, as
such, holders of the Company's securities will not be entitled to the benefits
of the Investment Company Act. No offer, sale, resale, pledge, delivery,
distribution or transfer of the Company's securities may be made except under
circumstances that will not result in the Company being required to register
as an investment company under the Investment Company Act. The Trustee neither
has nor intends to register as an investment adviser under the U.S. Investment
Advisers Act of 1940, as amended (the "Advisers Act") and, as such, it will
not be subject to the obligations of the Advisers Act and the rules
promulgated thereunder, including certain recordkeeping, disclosure and other
fiduciary obligations, otherwise imposed on an SEC-registered investment
adviser.
This announcement does not constitute an offer of securities to the public in
any member state of the European Economic Area (the "EEA") (each a "Member
State"). No prospectus has been or will be approved in any Member State in
respect of the Securities. This announcement is only addressed to and is only
directed at persons in Member States who are "qualified investors" ("Qualified
Investors") within the meaning of Article 2(e) of Regulation (EU) 2017/1129
(such Regulation, together with any applicable implementing measures in the
relevant home Member State under such Regulation, the "Prospectus
Regulation"). This announcement and the information contained herein must not
be acted on or relied upon in any Member State by persons who are not
Qualified Investors. Any investment or investment activity to which this
announcement relates is only available to, and any invitation, offer or
agreement to purchase, subscribe or otherwise acquire the same will be engaged
in only with, Qualified Investors. For the purpose of this paragraph, the
expression "offer of securities to the public" means the communication in any
form and by any means of sufficient information on the terms of the offer and
the Securities to be offered so as to enable the investor to decide to
purchase or subscribe for the Securities and the expression "Prospectus
Regulation" means Regulation (EU) 2017/1129 and includes any amendments and
relevant delegated regulations thereto.
For persons in the United Kingdom, this announcement is only addressed to, and
directed at, persons who are "qualified investors" within the meaning of the
Public Offers and Admissions to Trading Regulations 2024 (the "POATRs") who:
(i) have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order"); (ii) fall within Article
49(2)(a) to (d) of the Order; or (iii) are otherwise persons to whom it may
otherwise lawfully be communicated (all such persons being referred to as
"Relevant Persons"). This announcement and the information contained herein
must not be acted on or relied upon in the United Kingdom, by persons who are
not Relevant Persons. Any investment or investment activity to which this
announcement relates is available only to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire the same will be engaged
in only with, Relevant Persons.
This communication is not a prospectus but an advertisement for purposes of
PRM 12 "Advertisements and other disclosure of information" under the
Prospectus Rules: Admission to Trading on a Regulated Market. Investors should
purchase any securities referred to in this announcement or the Registration
Document solely on the basis of the information contained in a prospectus in
its final form, including the risk factors set out therein, that may be
published by the Company. Any such Prospectus, if published, will be available
for inspection on the Company's website at www.uznif.com, subject to certain
access restrictions.
The Trustee has not been, and does not intend to be, authorised or registered
under, and is not subject to the supervision of the FCA or any competent
authority in the EU/EEA in respect of, the Alternative Investment Fund
Managers Directive (2011/61/EU) or the UK Alternative Investment Fund Managers
Regulations (SI 2013/1773). The Trustee has not registered the Company with
any competent authority in the EU/EEA or the FCA, and the Trustee does not
consider that it is currently required to comply with the various reporting,
transparency and other regulatory obligations applicable to third country
alternative investment fund managers that market alternative investment funds
to EU/EEA and/or UK investors.
Securities of the Company have not been and will not be registered under the
applicable securities laws of Australia, Canada, South Africa or Japan and,
subject to certain exceptions, may not be offered or sold within Australia,
Canada, South Africa or Japan except under circumstances which will result in
the full compliance with the applicable laws and regulations promulgated by
the relevant regulatory authorities in effect at the relevant time.
Investment in the offered securities may involve a risk of loss of capital.
This communication does not constitute an offer to sell or a solicitation of
an offer to purchase securities except in accordance with the laws of the
Republic of Uzbekistan or in any other jurisdiction where it would be unlawful
to do so. Investors should carefully consider the risks associated with the
investment and are advised to consult with their legal, financial, and tax
advisers prior to making any investment decision.
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