TEG Completes U.S. Business Combination
TEG completes U.S. business combination with StageWise Strategies Corp., creating the first U.S.-traded business from Uzbekistan.
TEG Overseas, Inc. has completed its business combination with StageWise Strategies Corp., establishing what it calls the first U.S.-traded business from Uzbekistan. TEG became the principal operating business of the combined public company under a share exchange agreement, and its common stock will trade on the OTC Markets. The Uzbekistan-based hospitality, tourism and events operator reported $42.9 million in 2025 revenue and $14.4 million in net income, increases of 22% and 215% from 2024. Its portfolio includes Hilton Tashkent City, Wyndham Bukhara and the Central Asian Expocenter.
Tourism Market Momentum
Uzbekistan welcomed approximately 11.7 million foreign tourists in 2025, an increase of nearly 47% from the prior year. UN Tourism ranked the country among the world’s fastest-growing markets for international tourist arrivals in the first quarter of 2026.
Anita Mendiratta, Chairperson of the Board of Directors of TEG, said:
“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.”
AKFA Group Connection
TEG is part of AKFA Group, a privately owned Central Asian business group with 38,000 employees. Founded in Tashkent in 2001 by Jakhongir Artikkhodjaev, AKFA operates across consumer electronics, aluminum profiles, construction, healthcare, education, tourism and entertainment.
TEG Overseas, Inc.
Irodakhon Abduvakhitova, Non-independent Director and Investor in TEG, said:
“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. 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.”
Public Market Plans
As a public company, TEG intends to use access to U.S. capital markets to support future acquisitions and expand its hospitality and meetings, incentives, conferences and exhibitions assets. The company plans to build on its owner-operator model, relationships with international hospitality brands and the development capabilities of the broader AKFA ecosystem.
