Templeton Global Investments, a part of Franklin Templeton, signed an agreement with the Ministry of Economy and Finance (MEF) and has been assigned as a trustee of the Uzbekistan National Investment Fund (UzNIF), the press service of MEF said.
UzNIF was founded in August 2024 and will hold minority stakes in 18 large state-owned enterprises, namely:
- Navoiazot - 25%;
- Regional Electric Grids - 40%;
- Thermal Power Plants - 25%;
- Halq Bank - 30%;
- Uzbekgidroenergo - 20%;
- Mikrokreditbank - 40%;
- Uzbektelecom - 25%;
- Business Development Bank - 25%;
- Uzbekistan Airways - 25%;
- Uzbekistan Airports - 25%;
- Temiryulinfratuzilma (RailwayInfrastructure)- 25%;
- Khududgaztaminot - 40%;
- Toshshahartranskhizmat - 25%;
- Uzbekistan Post - 25%;
- National Electric Networks - 40%;
- UzEX - 40%;
- Uzbekinvest - 20%;
- Uzsuvtaminot - 40%.
According to Franklin Templeton, the value of the above companies is estimated at approximately $1.5 billion. UzNIF will be eyeing to increase the market value of its net assets; place the Fund's shares on global stock exchanges, attract major international institutional investors to invest in the Fund's assets and for their privatization.
According to the agreement, Franklin Templeton will take over the management of an investment portfolio of 18 state-owned enterprises and banks, and implement transformation programs to increase their investment attractiveness. After the reforms, the enterprises and banks will list their shares on local and international stock exchanges.
The trustee will also review the companies' management strategies, implementing global standards in areas such as corporate governance, financial efficiency, internal audit and risk management, as well as employee training.
The full launch of the Fund is due in April 2025.
at least 50% of the Fund's net profit of investment assets until 2030 will be used to pay dividends based on the results of the elapsed year.
In the end of 2026, the Fund's shares are planned to be listed on the Tashkent and international stock exchanges, including the London Stock Exchange.
The Franklin Templeton investment holding was founded in 1947. Franklin Resources currently has over 9,000 employees and over $1.6 trillion in assets under management.
