UzOman Participates in UzNIF IPO Tashkent, May 2026

Uzbek-Oman Investment Company (UzOman) is proud to announce its participation in the initial public offering of the National Investment Fund ofthe Republic of Uzbekistan (UzNIF) — a transaction that marks a defining milestone in the development of Uzbekistan's capital markets and in UzOman's own mission to drive the country's long-term economic growth.

UzNIF holds minority stakes in 13 of Uzbekistan's most strategically significant enterprises across aviation, energy, telecommunications, banking,and utilities, with a total independently valued portfolio of $2.44 billion.Six portfolio companies representing 62% of net asset value aregovernment-mandated for IPO by 2028, underpinning a visible and structured monetization path. Portfolio companies are also required to distribute aminimum of 50% of net profit through 2030, supporting dividend flow to investors from 2027. The offering carries a dual listing on the Tashkent Stock Exchange and the London Stock Exchange through Global Depositary Receipts — opening Uzbekistan's core state assets to both domestic and international investors for the first time.

This is one of the most significant capital markets events in Uzbekistan's history — the first time international and local investors have been able to access a diversified portfolio of the country's core state assets through a single listed vehicle.

For UzOman, this investment is deeply consistent with who we are. As a bilateral investment company established to channel capital between Oman andUzbekistan, we have maintained an unwavering conviction in Uzbekistan's economic trajectory from the very beginning. With GDP growth of 7.7% in 2025, a population of 38 million with a median age under 30, and a sustained government privatisation and reform programme, Uzbekistan continues to offer a rare combination of scale, growth, and early-mover opportunity. UzNIF sits at the very centre of this transformation — and we are honoured to be part of it.

Omar Bahram, CEO of UzOman, commented:
"Uzbekistan is one of the most dynamic reform stories in our region. UzNIF gives investors direct exposure to the backbone of the Uzbek economy —its most critical enterprises across energy, transport, and finance — at amoment when the government is actively opening these assets to private capital. We see this as a landmark moment for Uzbekistan's capital markets and a strong fit with our mandate to invest in the country's long-term development."

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