#Uzbekistan #Tashkent #TEG #StageWise

Uzbekistan's TEG Completes Merger with U.S. Firm

In a historic move for the hospitality sector, TEG SPV LLC ("TEG"), a prominent hotel group based in Uzbekistan, has successfully completed its merger with StageWise Strategies Corp. ("STWI"). This strategic union not only positions TEG as the first Uzbek company to be publicly listed in the United States but also aims to leverage the robust growth trajectory of Uzbekistan's tourism market.

The announcement, made on October 14, 2026, is a landmark achievement for TEG as it embarks on a new chapter with aspirations to expand its influence and operations. With Uzbekistan experiencing a surge of nearly 47% in foreign tourist arrivals in 2025, reaching around 11.7 million, this merger comes at a pivotal moment for the country's hospitality and tourism sectors. The United Nations identified Uzbekistan as one of the fastest-growing tourist markets globally in early 2026, spurred by significant economic reforms and national development strategies prioritizing tourism.

According to TEG, the merger was executed through a share exchange agreement, making TEG the primary operating entity under the newly formed public company. The resulting organization will operate under the name TEG Overseas, Inc., with its common shares trading on the OTC markets. This structural change enables TEG to harness the capital markets in the United States to support future acquisitions and broaden its portfolio focused on hospitality, events, and tourism.

TEG has established a robust reputation in Uzbekistan's hospitality scene, managing a diverse range of high-quality assets including the Hilton Tashkent City, Wyndham Bukhara, and the Central Asian Expocenter. These properties not only highlight TEG’s strong market presence but also generated impressive financial outcomes, with revenues amounting to $42.9 million and net profits reaching $14.4 million in 2025, reflecting respective increases of 22% and 215% compared to 2024.

Anita Mendiratta, chairperson of TEG, stated, "With a consolidated portfolio of high-quality assets and strategic relationships with leading international hotel brands, TEG is well-positioned for its growth phase. The IPO is timely, aligning with Uzbekistan's burgeoning tourism economy that bolsters its identity as a prime destination in Central Asia."

The Tourism Landscape of Uzbekistan

Uzbekistan's rich cultural heritage and historical significance as a crossroads on the Silk Road have long driven its hospitality sector. The country seeks to modernize and enhance its infrastructure, creating a contemporary tourism framework that attracts both international travelers and business visitors year-round. As travel stays a priority in the national economic agenda—backed by the Uzbekistan 2030 strategy aimed at improving connectivity and infrastructure—the demand for quality accommodations is expected to rise.

TEG, part of the AKFA Group, one of Central Asia’s largest private conglomerates with 38,000 employees, aims to utilize its extensive network and operational capabilities to bolster the region's hospitality sector effectively. The close ties between TEG and AKFA provide significant advantages, including access to key development partners, competitive procurement efficiencies, and an accelerated time-to-market for strategic initiatives.

Irodakhon Abduvakhitova, TEG’s non-independent director, emphasizes the importance of these relationships, saying, "Our ongoing partnership with AKFA is pivotal for TEG’s growth, offering tremendous access to a broader business ecosystem. Combining this network with TEG's expertise dramatically enhances our ability to seize market opportunities."

Future Plans and Growth Strategy

With plans to continue its trajectory of strong growth, TEG is poised to expand through acquisitions that cater to an increasingly diverse range of business and leisure travelers. Evaluating potential properties that could enhance its MICE (Meetings, Incentives, Conferences, and Exhibitions) offerings is a particular focus. The company intends to boost its growth efforts by utilizing its proven operator-owner business model and deep understanding of the Uzbek market, coupled with its relationships with international hotel brands.

As TEG transitions to a publicly listed entity, Kingswood ArcStone and Bluestone Investment Bank serve as financial advisors, with Ellenoff Grossman & Schole LLP and Dentons Uzbekistan providing legal counsel. Furthermore, Hunter Taubman Fischer & Li LLC acts as legal advisor to StageWise, supporting this dynamic merger.

In summary, TEG’s merger with StageWise Strategies Corporation represents a significant milestone not only for the company but also for Uzbekistan's tourism sector. As the nation steers towards amplifying its appeal as a leading travel destination, TEG stands ready to play a crucial role in its evolution.

For more information on TEG and its offerings, visit TEG Company.