Uzbekistan-based Tourism Entertainment Group (TEG), which owns Hilton Tashkent City, Wyndham Bukhara and the Central Asian Expocenter (CAEx), has entered the US public markets, becoming the first Uzbek company to trade in the United States, according to Bloomberg.
On October 14, 2026, TEG announced that it had completed a business combination with US-based StageWise Strategies Corp. The combined company operates as TEG Overseas, Inc., with its common shares trading on the US OTC Markets platform. The transaction was completed through a business combination rather than a traditional initial public offering (IPO).
TEG’s financial performance
The company reported the following results for 2025:
- $42.9 million in revenue, up 22% from 2024.
- $14.4 million in net profit, an increase of 215% year over year.
TEG’s portfolio includes Hilton Tashkent City, Wyndham Bukhara and CAEx, a venue for exhibitions, conferences and business events. The company is part of Uzbekistan’s AKFA Group.
What does entering the US market mean for TEG?
TEG plans to use its access to international capital markets to support its expansion, including acquiring new hotels and tourism infrastructure assets and growing its exhibition and conference business.
Trading in the US could help the company attract international investors and create additional opportunities to raise capital for future projects. However, entering a public market does not automatically mean that the company has raised a significant amount of new investment.
It is also important to distinguish between trading on the OTC Markets platform and listing on a major US stock exchange such as the New York Stock Exchange (NYSE) or Nasdaq.
Implications for Uzbekistan’s tourism sector
TEG’s entry into the US market could increase international investor visibility for Uzbekistan’s tourism and hospitality industries. The company aims to expand its presence in hotels, business tourism and event infrastructure, potentially strengthening its position in Uzbekistan and the wider region.
