President Shavkat Mirziyoyev hosted business leaders and CEO of major U.S. companies who landed in Samarkand for the meeting of the American-Uzbekistan Business and Investment Council. In a meeting with Franklin Templeton’s president and CEO, the two sides reviewed the first outcomes of the efforts aimed at transforming large state-owned enterprises.
Jenny Johnson praised the president’s approach, saying he had asked her from the start to tell him only the truth and to flag anything that needed improvement.
“Capital only goes where it is treated well. Where there is a growing economy, there is an opportunity for good financial returns,” Johnson said. “That’s why, when we listed this IPO on the London Stock Exchange, it drew four times more interest than expected. Global investors wanted to invest. It has returned 40 percent since the IPO.”
She said she was in Samarkand because of Rubio’s visit and that 200 business executives were working out where to invest. “Because they believe,” she added.
The listing of shares of the Uzbekistan National Investment Fund on the London and Tashkent stock exchanges was noted as the country’s first international IPO. It raised nearly $700 million, with demand exceeding supply more than fourfold.
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