Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan-based hospitality, tourism and events company TEG has completed a merger with StageWise Strategies Corp., enabling the combined entity, TEG Overseas, Inc., to enter the US public market, with its common shares set to trade on OTC Markets.
TEG SPV LLC announced the completion of the transaction on 14 October 2026. The merger was carried out under a share exchange agreement, under which TEG became the principal operating business of the newly public company.
TEG plans to use its access to the US public capital market to finance future acquisitions and expand its portfolio of hospitality and exhibition properties in Uzbekistan and the wider region.
Hospitality and exhibition portfolio
TEG's portfolio includes Hilton Tashkent City, Wyndham Bukhara and the Central Asian Expocenter (CAEx), a multifunctional exhibition and congress centre in Central Asia.
According to the company, its portfolio generated US$42.9 million in revenue and US$14.4 million in net profit in 2025. Compared with 2024, revenue increased by 22%, while net profit rose by 215%.
TEG Chairwoman Anita Mendiratta said the company's hotel assets, partnerships with international brands and development strategy provide a foundation for further growth. She added that the company's entry into the public market comes amid expanding tourism and business activity in Uzbekistan.
Tourism supports growth prospects
According to figures cited in TEG's announcement, Uzbekistan received approximately 11.7 million foreign tourists in 2025, nearly 47% more than a year earlier.
The company also reported that UN Tourism ranked Uzbekistan among the fastest-growing international tourism markets by arrivals in the first quarter of 2026.
TEG attributed the industry's growth to economic reforms, implementation of the Uzbekistan–2030 strategy, infrastructure development and expanded international transport connections. The company said these factors are creating additional opportunities for the hotel industry, business travel and international events throughout the year.
Connection with AKFA Group
TEG is part of AKFA Group, a private Central Asian business group that, according to the company, employs approximately 38,000 people. Founded in Tashkent in 2001 by entrepreneur Jahongir Artikhojayev, the group operates across several sectors.
Its businesses include household electronics under the Artel brand, AKFA aluminium profiles, construction, healthcare, education, tourism and entertainment.
TEG said its membership in the group provides access to business networks, resources and expertise in property development and construction, supporting the implementation of strategic projects.
TEG investor Irodakhon Abduvakhitova said cooperation with AKFA Group had played an important role in the company's development. She added that combining the group's resources with TEG's industry expertise enables the company to identify new opportunities and expand its operations in Uzbekistan and neighbouring countries.
Expansion plans
Following the merger, TEG intends to use access to the US capital market to finance acquisitions and further develop hospitality and MICE facilities — venues for meetings, incentive travel, conferences and exhibitions.
The company plans to expand its services for tourists and business travellers, drawing on its existing asset ownership and management model, knowledge of the local market, partnerships with international hotel brands and AKFA Group's resources.
TEG's financial advisers were Kingswood ArcStone, a division of Kingswood Capital Partners, LLC, and Bluestone Investment Bank. Ellenoff Grossman & Schole LLP and Dentons Uzbekistan provided legal counsel to TEG. StageWise Strategies Corp. was represented by Hunter Taubman Fischer & Li LLC.
TEG specialises in developing hospitality, exhibition and tourism properties in Uzbekistan and the wider region.
