Uzbekistan’s $1.68 Billion Fund Said to Eye London Dual Listing

Uzbekistan’s national investment fund, which manages assets worth $1.68 billion, is sounding out banks for a potential dual listing in London and Tashkent, people familiar with the matter said.

Franklin Templeton, which started managing the fund earlier this year, is working with firms including STJ Advisors on the deal, the people said, declining to be named as the information is private. The fund, known as UzNIF, was established last year and owns minority stakes in 18 state-owned businesses.

As part of its plans to secure foreign backers, UzNIF could decide to issue global depositary receipts in London, the people said. ...