TEG Overseas, Inc. Finalizes Share Exchange, Common Stock to Trade on OTC Markets
TEG SPV LLC ("TEG"), described as a leading Uzbekistan-based, integrated hospitality, tourism and events business, announced the completion of its business combination with StageWise Strategies Corp. ("STWI"), which the company states establishes the first U.S.-traded business from Uzbekistan, according to the company.
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, according to the company. No specific ticker symbol was provided in the press release.
Key Business Combination Details
Transaction Structure
- The business combination was completed pursuant to a share exchange agreement between TEG SPV LLC and StageWise Strategies Corp.
- TEG became the principal operating business of the combined public company, which will operate as TEG Overseas, Inc.
- Common stock of the combined company will trade on the OTC Markets, according to the company.
Portfolio and Financial Performance
According to the company, 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 Expocenter (CAEx), which the company describes as one of Central Asia's largest and most modern full-service convention centers for exhibitions and events.
- Portfolio revenue: $42.9 million in 2025, an increase of 22% from 2024, according to the company
- Portfolio net income: $14.4 million in 2025, an increase of 215% from 2024, according to the company
Uzbekistan Tourism Market
According to the company, 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. The company states 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.
The AKFA Advantage
TEG is part of AKFA Group, which the company describes as one of Central Asia's largest privately owned business groups, with 38,000 employees. AKFA was founded in Tashkent in 2001 by Jakhongir Artikkhodjaev and operates businesses across seven strategic sectors: consumer electronics (Artel), aluminum profiles for doors and windows (AKFA), construction, healthcare, education, tourism and entertainment, according to the company.
As part of the broader AKFA ecosystem, the company states TEG benefits from:
- 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
- Faster execution and time-to-market for strategic initiatives
Growth Strategy
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, according to the company. 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 owner-operator model, knowledge of the Uzbek market, relationships with international hospitality brands and the development capabilities of the broader AKFA ecosystem, the company states.
Advisors
Kingswood ArcStone, a division of Kingswood Capital Partners, LLC, and Bluestone Investment Bank are serving as financial advisors to TEG, according to the company. 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.
Market Note: Share Exchange Business Combinations
A share exchange agreement is a transaction structure in which shareholders of a private operating company exchange their shares for shares of an existing public company, allowing the private company's business to become the principal operating business of the combined, publicly traded entity without conducting a traditional initial public offering. The company states this structure enabled TEG to become the first U.S.-traded business from Uzbekistan, with the combined company operating as TEG Overseas, Inc. and its common stock trading on the OTC Markets.
Leadership Commentary
- Anita Mendiratta, Chairperson of the Board of Directors of TEG, stated that TEG has "a proven portfolio of high-quality assets, relationships with leading international hospitality brands, and a clear strategy for growth" and is "well positioned for its next phase of development."
- Irodakhon Abduvakhitova, Non-independent Director and Investor in TEG, stated that the company's "longstanding relationship with AKFA has been integral to TEG's development, providing access to the capabilities and relationships of a much broader business ecosystem."
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/.
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