The key facts

  • The IPO of the National Investment Fund's shares on the London and Tashkent exchanges raised about $700 million, with demand exceeding supply more than fourfold
  • With Wabtec, they discussed renewing the locomotive fleet, localizing maintenance, manufacturing components, and training personnel
  • Also considered were a service center for mining equipment and cooperation on diesel generator units

Meetings with the heads of American companies in Samarkand

On October 19, President of Uzbekistan Shavkat Mirziyoyev held meetings in Samarkand with the heads of two American companies. As reported by the presidential press service (the data is cited by Kun.uz and Spot.uz), he received the President and CEO of Franklin Templeton Jenny Johnson, as well as the Chairman of the Board and CEO of Wabtec Rafael Santana.

Results of the National Investment Fund's IPO

At the meeting with Jenny Johnson, preliminary results of the transformation of large state-owned enterprises were discussed. The parties noted that the placement of the National Investment Fund of Uzbekistan's shares on the London and Tashkent exchanges became the first international IPO in the country's history. According to the press service, it raised about $700 million, with demand exceeding supply more than fourfold.

Further transformation plans

At the next stage, the transformation of companies from the fund's portfolio is planned to improve the population's welfare, as well as the reliability and quality of services. The importance of expanding citizens' participation in subsequent share placements was noted. In addition, they discussed preparing large companies for IPOs, improving the qualifications of managerial personnel, and the company's participation in the activities of the Tashkent International Financial Center.

Talks with Wabtec about locomotives

At the meeting with Rafael Santana, taking into account the development of railway infrastructure and Uzbekistan's transit potential, the renewal and expansion of the locomotive fleet were discussed. They considered deliveries of locomotives with long-term service maintenance involving US financial institutions, as well as organizing maintenance in Uzbekistan, manufacturing components, and training specialists.

Other areas of cooperation

The parties also touched upon the creation of a service center for mining equipment of mining enterprises and cooperation in the field of diesel generator units. Spot.uz notes that Wabtec is one of the world leaders in the production of locomotives, railway equipment, as well as digital and service solutions, implementing projects in Central Asian countries.