TEG Overseas, Inc. has completed its business combination with StageWise Strategies Corp., creating the first U.S.-traded hospitality and events company headquartered in Uzbekistan. The merged entity, operating as TEG Overseas, will trade on OTC Markets and intends to use access to U.S. capital markets to fund acquisitions, expand its branded-hotel portfolio, and grow its meetings, incentives, conferences, and exhibitions (MICE) footprint across Central Asia.
The Numbers
TEG's existing portfolio delivered $42.9 million in revenue and $14.4 million in net income in 2025, representing 22% and 215% increases, respectively, over the prior year. Those results were generated across three core assets: Hilton Tashkent City, Wyndham Bukhara, and the Central Asian Expocenter (CAEx), one of the region's largest full-service convention venues. The revenue trajectory is underpinned by Uzbekistan's tourism boom — the country welcomed approximately 11.7 million foreign tourists in 2025, up nearly 47% year-over-year — and a national "Uzbekistan 2030" strategy that designates tourism a state priority supported by infrastructure investment, expanded aviation and rail connectivity, and private-sector development incentives.
Owner-Operator Advantage
TEG operates as part of AKFA Group, one of Central Asia's largest privately held conglomerates, with 38,000 employees and businesses spanning consumer electronics, construction, healthcare, and education. That corporate relationship gives TEG procurement leverage, development and construction capabilities, and institutional relationships that a standalone hospitality operator would struggle to replicate — advantages that directly affect capital costs, construction timelines, and the speed at which new properties can be brought to market. For operators evaluating asset-heavy expansion in emerging markets, the owner-operator model with a vertically integrated parent is increasingly the playbook for compressing time-to-market on new openings and renovations. Irodakhon Abduvakhitova, Non-independent Director and Investor in TEG, noted that the AKFA relationship enhances the company's ability to identify opportunities, execute efficiently, and scale across Uzbekistan and the broader region.
Growth Pipeline and Capital Strategy
As a newly public company, TEG's stated priority is deploying U.S. capital-market access toward a pipeline of hotel and MICE acquisitions. The MICE segment is particularly relevant: convention and exhibition venues like CAEx generate revenues that span room nights, food and beverage, audiovisual services, and event-management technology — making them high-throughput assets when attached to a strong regional brand and international corporate travel base. UN Tourism ranked Uzbekistan among the world's fastest-growing international-arrival markets in Q1 2026, a data point that is already drawing multinational brands and corporate travel programs to Tashkent and secondary cities like Bukhara and Samarkand.
For hospitality investors tracking emerging-market exposure, TEG's listing is an early signal that Central Asian hotel groups are beginning to access Western capital structures previously dominated by Southeast Asian and Middle Eastern operators. Operators and technology vendors in the hotel-tech and PMS space — from cloud-native property management systems to revenue management platforms — should note that a newly capitalized regional hotel group with international brand affiliations (Hilton, Wyndham) typically accelerates technology stack upgrades as part of post-listing brand-standard compliance. That creates procurement opportunities across loyalty, CRM, and digital-guest-experience platforms as TEG scales its portfolio.
Anita Mendiratta, Chairperson of the Board of Directors of TEG, described the public-market entry as arriving at a pivotal moment for Uzbekistan's visitor economy, with strong economic growth and an ambitious national development agenda positioning the country as one of Central Asia's most compelling tourism and business destinations.
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.
