Hilton Tashkent owner TEG becomes first Uzbek company to trade in US
Uzbekistan’s Tourism and Entertainment Group (TEG), which owns Hilton Tashkent City, has become the country’s first company to enter the US public stock market after completing a reverse takeover of American company StageWise Strategies Corp.
The transaction, announced on 14 October, allows TEG to trade in the United States under the name TEG Overseas Inc., with its shares listed on the over-the-counter (OTC) market rather than a major exchange such as Nasdaq or the New York Stock Exchange.
According to Bloomberg, the company plans to raise additional capital by December to finance its expansion in Uzbekistan’s hospitality and tourism sectors.
Unlike a traditional initial public offering (IPO), TEG entered the American market through a reverse takeover, acquiring control of an existing publicly traded company. This allowed the Uzbek business to obtain a US market listing without conducting a conventional IPO.
TEG is part of AKFA Group, founded by Uzbek businessman and former Tashkent mayor Jakhongir Artikkhodjaev.
TEG plans to expand its hotel portfolio
TEG owns and operates several major hospitality and events properties in Uzbekistan, including Hilton Tashkent City, Wyndham Bukhara and the Central Asian Expocenter (CAEx), which hosts exhibitions and international business events.
In 2025, the company’s portfolio generated $42.9mn in revenue, up 22% from the previous year. Net profit increased 215% to $14.4mn, according to TEG’s official announcement.
The group also reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of nearly $23mn, an 84% year-on-year increase.
TEG plans to use access to American capital markets to acquire additional hospitality businesses and develop new hotels and tourism facilities in Uzbekistan and neighbouring markets.
The listing also gives international investors access to a business focused on Uzbekistan’s expanding tourism industry, which has attracted growing investment in hotels, transport infrastructure and conference facilities.
Company targets December fundraising
TEG currently has less than 1% of its shares available for public trading. Chief Financial Officer Temur Zokirov said the company aims to increase that proportion to approximately 10% through a capital raise planned by December.
The group has appointed Kingswood ArcStone, a division of Kingswood Capital Partners, and Uzbekistan-based Bluestone Investment Bank as financial advisers.
The transaction itself was completed on 13 October through a share exchange. According to US regulatory filings, StageWise issued approximately 183.1mn shares to TEG’s sellers, giving them about 97.3% of the combined company.
TEG’s board chair, Anita Mendiratta, said the company would use its established hotel portfolio and international partnerships to support further growth.
The listing follows Uzbekistan’s National Investment Fund entering the London Stock Exchange earlier in 2026. That offering raised more than $690mn, marking another step in the country’s efforts to attract international investment.
