The companies are currently undergoing transformation as part of preparations to enter international capital markets, the Ministry of Economy and Finance said in a statement on November 5.
The timeline follows earlier plans announced in June, when Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov told President Shavkat Mirziyoyev that preparations to transform all five companies for IPOs were expected to be completed in 2026.
At the time, the government also announced plans to sell 15–20% of Uzbekistan Airways through an IPO by the end of 2026.
All five companies are part of the UzNIF portfolio. This year, 35.45% of the fund's shares were floated on the London and Tashkent stock exchanges, generating $692 million in proceeds for the state budget. The fund is managed by US-based Franklin Templeton.
Uzbekistan steps up engagement with international investors
In its November 5 statement, the Ministry of Economy and Finance also reported on efforts to attract international investors and improve corporate governance at state-owned enterprises.
On October 14, Tashkent hosted an Investors Day event attended by more than 250 foreign investors with combined investment portfolios exceeding $2.5 trillion.
A Corporate Governance Day 2026 event followed on October 16, focusing on six priorities for improving corporate governance:
High-quality financial reporting in accordance with International Financial Reporting Standards (IFRS);
Compliance with the corporate calendar;
Revision of key performance indicator (KPI) systems;
Development of long-term financial models;
Strengthening key corporate functions;
Improving corporate performance strategies.
