Uzbekistan hospitality and events group TEG has completed a business combination with OTC-quoted StageWise Strategies (OTC:STWI), giving it a US public listing, the company said on October 14.
The deal makes TEG Uzbekistan one of the few ways for US investors to buy into the Central Asian country’s tourism growth, as the government plans 30 new tourism zones by 2030. TEG owns Hilton Tashkent City, Wyndham Bukhara and the Central Asian Expocenter, one of the region’s largest convention centres. Its revenue rose 22% to $42.9mn in 2025, while net income more than tripled to $14.4mn.
The combined company will operate as TEG Overseas, with its common stock trading on OTC Markets. The release gave no valuation, proceeds or new ticker.
“TEG is well positioned for its next phase of development,” said Anita Mendiratta, chair of the TEG board.
Kingswood ArcStone and Bluestone Investment Bank acted as financial advisers. Ellenoff Grossman & Schole and Dentons Uzbekistan advised TEG, and Hunter Taubman Fischer & Li advised StageWise.
TEG is part of AKFA Group, an industrial conglomerate founded in Tashkent in 2001 by Jakhongir Artikkhodjaev.