Tashkent, Uzbekistan (UzDaily.com) -- On 21 July 2022, a meeting was held between the management of Rothschild & Cie and Uzbekneftegaz.

Rothschild & Cie is an investment banking company, which was founded in Paris (France) in 1983.

Gratitude was expressed to Rothschild & Cie for the work carried out and the advice provided as part of the transformation of Uzbekneftegaz and preparations for entering the IPO.

During the meeting, the results of the trip of the working group of Uzbekneftegaz headed by the Chairman of the Board in London, as well as the results of meetings with international banks and holders of Eurobonds were discussed.

Uzbekneftegaz announced the holding of a global meeting with investors, which covered the impact of the current geopolitical situation on the company’s activities, the receipt of the first synthetic products at the GTL plant, as well as ongoing work in the areas of sustainable development (ESG) and corporate reform.

Rothschild & Cie stressed the importance of the Uzbekneftegaz transformation initiatives and the introduction of the best global business practices.

Also, given the current high volatility of the capital markets, the consultants noted the need to focus on the implementation of preparatory processes and reconsider plans to enter the IPO at a later date, when the situation on the financial markets stabilizes.

At the same time, it was proposed to consider the possibility of organizing a 1x1 meeting with potential direct investors towards the end of 2022 to form a preliminary and positive image of the company, and also emphasized the growing interest in gas companies in the international market from investors.

In this regard, Rothschild & Cie announced the need to continue preparations for entering the IPO by improving corporate culture, introducing ESG reporting, systematizing the release of financial statements, as well as improving the state of the debt portfolio.

In turn, Uzbekneftegaz expressed gratitude for a short report on the current state of the world market and offered to organize a thorough work to build the history of the company for investors.