TEG Completes U.S.-Traded Business Combination in Uzbekistan

NEW YORK, Oct. 14, 2026 /CourierPR/ -- TEG, a leading Uzbekistan-based integrated hospitality, tourism, and events business, has completed a significant business combination with StageWise Strategies Corp., marking a historic milestone for the company. The transaction, which saw TEG become the principal operating business of the combined public company, establishes the first U.S.-traded business from Uzbekistan. The company will now operate as TEG Overseas, Inc., and its common stock will trade on the OTC Markets.

TEG's portfolio includes premium hospitality and events assets such as Hilton Tashkent City, Wyndham Bukhara, and the Central Asian Expocenter (CAEx), one of Central Asia's largest and most modern full-service convention centers. In 2025, the portfolio generated $42.9 million in revenue and $14.4 million in net income, representing increases of 22% and 215%, respectively, from the previous year. This growth underscores TEG's strong market position and its ability to capitalize on Uzbekistan's rapidly expanding tourism market.

The company is part of AKFA Group, one of Uzbekistan'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, including consumer electronics, aluminum profiles, construction, healthcare, education, tourism, and entertainment.

Uzbekistan's tourism industry has seen significant growth, with the country welcoming approximately 11.7 million foreign tourists in 2025, a 47% increase from the previous year. This growth is underpinned by the country's broader economic reform agenda and the Uzbekistan 2030 strategy, which makes tourism a national priority supported by infrastructure development, expanded international connectivity, and private-sector growth. The hospitality sector 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, 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.

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 to position the country as one of Central Asia's most compelling and inviting tourism and business destinations. 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.