The Deal
TEG Overseas, Inc. has completed its business combination with StageWise Strategies Corp., making the Uzbekistan-based integrated hospitality and events company the first Uzbek business to trade on U.S. public markets. The combined entity will operate under the TEG Overseas name and list its common stock on OTC Markets, giving the operator access to U.S. capital to fund an active acquisition pipeline across the hospitality and MICE sectors.
TEG's existing portfolio includes Hilton Tashkent City, Wyndham Bukhara, and the Central Asian Expocenter (CAEx), one of Central Asia's largest full-service convention facilities. The business generated $42.9 million in revenue in 2025—a 22% year-over-year increase—while net income climbed 215% to $14.4 million, signaling strong margin expansion alongside top-line growth. Those figures give prospective investors and hospitality industry observers a clear read on the company's operating leverage as the country's tourism economy accelerates.
A Market in Rapid Expansion
Uzbekistan welcomed approximately 11.7 million foreign tourists in 2025, a jump of nearly 47% from the prior year. UN Tourism ranked the country among the world's fastest-growing markets for international arrivals in the first quarter of 2026. That trajectory is backed by the government's Uzbekistan 2030 strategy, which designates tourism a national priority and supports it with infrastructure investment, expanded aviation and rail connectivity, and incentives for private-sector development. For international hotel brands and MICE operators evaluating Central Asia, the data makes Uzbekistan difficult to ignore.
Board Chairperson Anita Mendiratta described the public listing as arriving at "a pivotal moment for Uzbekistan's greater visitor economy," pointing to strong economic growth and a national development agenda that is positioning the country as one of Central Asia's premier tourism and business travel destinations. The company's Silk Road heritage—Uzbekistan served as a historic crossroads for centuries—also gives it a cultural narrative increasingly valued by experience-driven international travelers.
MICE Strategy and Growth Pipeline
Beyond its hotel assets, TEG is explicitly targeting growth in meetings, incentives, conferences, and exhibitions (MICE) infrastructure, a segment experiencing strong demand recovery across the hospitality sector. As a public company, TEG plans to use U.S. capital market access to pursue acquisitions that broaden its offerings for both business and leisure travelers across Uzbekistan and the wider region.
TEG operates within the AKFA Group ecosystem, one of Central Asia's largest privately held conglomerates with 38,000 employees spanning consumer electronics, construction, healthcare, and education. That affiliation gives TEG preferential access to development and construction capabilities—a meaningful structural advantage in a market where new hotel supply is being built to meet surging demand. Non-independent Director Irodakhon Abduvakhitova noted that the AKFA relationship provides "access to the capabilities and relationships of a much broader business ecosystem," enhancing TEG's speed and efficiency in executing new projects.
For operators and investors tracking emerging hospitality markets and hotel brand expansion, TEG's U.S. listing opens a new window into Central Asian hospitality deal flow. Kingswood ArcStone and Bluestone Investment Bank are serving as financial advisors to TEG, with Ellenoff Grossman & Schole LLP and Dentons Uzbekistan as legal counsel.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
