Uzbekistan Hospitality Group TEG Completes U.S. Business Combination
Historic milestone positions TEG to capitalize on Uzbekistan’s rapidly expanding tourism market and execute its growth pipeline
NEW YORK, Oct. 14, 2026 /PRNewswire/ — TEG SPV LLC (“TEG”), a leading Uzbekistan-based, integrated hospitality, tourism and events business, today announced the successful completion of its business combination with StageWise Strategies Corp. (“STWI”), establishing the first U.S.-traded business from Uzbekistan.
The transaction was completed pursuant to a share exchange agreement under which TEG became the principal operating business of the combined public company. The company will operate as TEG Overseas, Inc. and its common stock will trade on the OTC Markets.
This milestone marks a significant step in TEG’s evolution and positions the company to capitalize on powerful secular trends shaping the region, including increasing international tourism visitation, expanding business travel, and continued investment in Uzbekistan’s economic and social development.
With established tourism industry expertise, TEG owns and operates a portfolio and ecosystem of premium hospitality and events assets in Uzbekistan, including Hilton Tashkent City, Wyndham Bukhara, and the Central Asian Expo Uzbekistan (CAEx), one of Central Asia’s largest and most modern full-service convention centers for exhibitions and events. The portfolio generated $42.9 million in revenue and $14.4 million in net income in 2025, representing increases of 22% and 215%, respectively, from 2024.
“With a proven portfolio of high-quality assets, relationships with leading international hospitality brands, and a clear strategy for growth, TEG is well positioned for its next phase of development, which we expect will elevate TEG’s business aspirations and tangentially strengthen Uzbekistan’s national identity and competitiveness within the tourism sector,” said Anita Mendiratta, Chairperson of the Board of Directors of TEG. “TEG’s entry into the public markets comes at a pivotal moment for Uzbekistan’s greater visitor economy, as strong economic growth and an ambitious national development agenda are helping towards establishing the country as one of Central Asia’s most compelling and inviting tourism and business destinations.”
Positioned to Benefit from Uzbekistan’s Tourism Growth Trajectory
Uzbekistan welcomed approximately 11.7 million foreign tourists in 2025, an increase of nearly 47% from the prior year, and was ranked by UN Tourism among the world’s fastest-growing markets for international tourist arrivals in the first quarter of 2026. This momentum is underpinned by the country’s broader economic reform agenda and Uzbekistan 2030 strategy, which makes tourism a national priority supported by infrastructure development, expanded international connectivity, and private-sector growth.
Hospitality has been central to Uzbekistan’s culture for centuries, rooted in the country’s historic role as a crossroads of the Silk Road. Today, that heritage, together with the country’s ongoing modernization, investment in critical infrastructure linked to mobility and connectivity (including aviation and rail), and emergence as a regional investment hub, is helping establish Uzbekistan as an increasingly important destination for year-round, country-wide international tourism, business travel and events.
The AKFA Advantage
TEG is part of AKFA Group, one of Central Asia’s largest privately owned business groups, with 38,000 employees. Founded in Tashkent in 2001 by leading Uzbek entrepreneur Jakhongir Artikkhodjaev, AKFA operates businesses across seven strategic sectors: consumer electronics (Artel), aluminum profiles for doors and windows (AKFA), construction, healthcare, education, tourism and entertainment.
As part of the broader AKFA ecosystem, TEG benefits from:
Faster execution and time-to-market for strategic initiatives
Global connectivity and trusted industry relationships
Access to the largest and most experienced development and construction partners in the country
Procurement efficiencies and operating scale advantages
“Our longstanding relationship with AKFA has been integral to TEG’s development, providing access to the capabilities and relationships of a much broader business ecosystem,” said Irodakhon Abduvakhitova, Non-independent Director and Investor in TEG. “Combined with TEG’s proven sector expertise, these advantages enhance our ability to identify opportunities, execute efficiently, and scale our business across Uzbekistan and the broader region.”
Executing a Clear Growth Pipeline
As a public company, TEG intends to leverage access to the U.S. capital markets to support future acquisitions and expand its portfolio of hospitality and meetings, incentives, conferences, and exhibitions (MICE) assets. TEG plans to pursue acquisitions across its pipeline that expand its offerings and enable the company to serve a broader range of business and leisure travelers. TEG also intends to drive continued growth by leveraging its proven owner-operator model, deep knowledge of the Uzbek market, relationships with international hospitality brands and the development capabilities of the broader AKFA ecosystem.
Advisors
Kingswood ArcStone, a division of Kingswood Capital Partners, LLC, and Bluestone Investment Bank are serving as financial advisors to TEG. Ellenoff Grossman & Schole LLP and Dentons Uzbekistan are serving as legal counsel to TEG. Hunter Taubman Fischer & Li LLC is serving as legal counsel to StageWise.
About TEG
TEG is a leading, multi-dimensional tourism and hospitality business in Uzbekistan, building an integrated portfolio and ecosystem of hospitality, events and destination assets to serve the country’s fast-growing visitor economy. TEG’s portfolio includes Hilton Tashkent City, Wyndham Bukhara and the Central Asian Expocenter. As part of AKFA Group, one of Uzbekistan’s largest private groups of companies, TEG benefits from institutional scale, deep sector relationships and broader development capabilities. TEG’s growth strategy is focused on maximizing the potential of its existing portfolio while executing a pipeline of additional hospitality and tourism assets across Uzbekistan and the broader region. For more information, visit https://www.tegcompany.com/.
SOURCE TEG Overseas, Inc.