President Shavkat Mirziyoyev held meetings in Samarkand with leaders of American companies Franklin Templeton, Wabtec, and Traxys.

Franklin Templeton: transformation and financial center

With company CEO Jenny Johnson, preliminary results of work on transforming major state enterprises were reviewed.

Three areas were discussed:

  • preparing major companies for IPO;
  • upgrading the skills of their managers;
  • company participation in the work of the Tashkent International Financial Center.

Why this matters

Franklin Templeton is one of the world's largest asset managers. Its participation in preparing issuers means bringing corporate procedures to the standards expected by international investors.

The importance of expanding citizen participation in subsequent placements is separately noted — that is, access for retail investors, not just institutional ones.

The National Investment Fund placement on the London and Tashkent exchanges serves as a benchmark: approximately $700 million was raised with demand exceeding supply more than fourfold.

The next stage is the transformation of companies from the fund's portfolio.

Wabtec: locomotives and localization

With CEO Rafael Santana, the following were discussed:

  • locomotive supplies with long-term maintenance involving U.S. financial institutions;
  • organization of technical maintenance and production of components in the republic;
  • service center for mining equipment;
  • cooperation on diesel generator sets.

Traxys: critical minerals

With company CEO Mark Christoff, projects in critical minerals and deep raw material processing were reviewed.

Over the past year, contract agreements were signed with the company, and its regional office — the first in Central Asia — opened in Tashkent.

Traxys handles procurement, logistics, financing, and sales of metals and minerals, operating in more than 20 countries.

General context of the visit

During the American delegation's visit, 54 agreements were signed in trade, investment, and technological cooperation worth $12 billion.

Distribution by area:

  • with Wabtec — localization of railway equipment production;
  • with Franklin Templeton and other financial companies — entry of national companies into international capital markets;
  • with Traxys and mining companies — development of deposits and supply of mineral resources.

What this means for the market

The financial part of the agreements directly affects the local capital market: it concerns preparation of state companies for placements.

A practical question for private investors is where securities will be placed. The National Investment Fund's experience demonstrated a dual-listing model: in London and Tashkent simultaneously, providing access to local buyers.

If this scheme becomes standard for future placements, the range of stocks available to retail investors will expand significantly.

This material is for informational purposes and is not an investment recommendation.