Mirziyoyev and the head of Franklin Templeton discussed the development of Uzbekistan's stock market

Mirziyoyev and the head of Franklin Templeton discussed the development of Uzbekistan's stock market

On October 19 in Samarkand, President Shavkat Mirziyoyev held a meeting with Jenny Johnson, President and CEO of the American asset management company Franklin Templeton. During the talks, they reviewed the results of the transformation of Uzbekistan's large state-owned enterprises and further steps to attract investment through the stock market.

Franklin Templeton is already directly involved in these processes: its subsidiary, Templeton Global Investments, manages the investment assets of the National Investment Fund of Uzbekistan. The fund's portfolio includes stakes in 18 large state-owned enterprises and banks, which are planned to be made more attractive to investors and gradually introduced to the stock market.

One of the results of this work was the international initial public offering (IPO) of the National Investment Fund of Uzbekistan. The fund's shares were listed on the London and Tashkent stock exchanges. This made it possible to raise nearly 700 million dollars, with demand exceeding supply by more than four times.

The next stage will be the transformation of the companies included in the fund's portfolio. As noted at the meeting, these changes should contribute to the growth of the population's well-being, as well as increasing the reliability and quality of services. The importance of expanding citizen participation in subsequent share offerings was emphasized separately.

In addition, Mirziyoyev and Johnson discussed preparing major companies for IPOs, improving the qualifications of their managers, and Franklin Templeton's participation in the work of the Tashkent International Financial Center.