AKFA Aluminium Explores Debut International Bond Offering with London Investor Roadshow
Uzbek aluminium producer AKFA Aluminium plans first international bond issuance, organizing investor meetings in London starting July 13.
AKFA Aluminium Group, one of Uzbekistan’s largest private companies, is preparing for its inaugural international bond issuance as part of its strategic financial development, according to recent market reports. The company is organizing a two-day investor roadshow in London beginning July 13, targeting global investors to introduce its bond offering prospects.
Strategic Move Toward International Capital Markets
Bloomberg reported that AKFA Aluminium has engaged leading global investment banks Citigroup and JPMorgan to facilitate the investor presentations. These meetings are an initial step in exploring bond issuance opportunities, with no immediate plans to place bonds in the market.
"The meetings are at an early stage, and a bond placement is not planned in the near term," the report stated.
The company, founded in 2000 by entrepreneur and former Tashkent mayor Jahongir Ortiqxo‘jayev, manufactures aluminium and plastic products for the construction industry, exporting to more than 30 countries. The move to issue bonds internationally signals AKFA Aluminium’s intent to deepen corporate transparency and governance while broadening its financial base.
Shareholding and Financial Overview
AKFA Aluminium’s charter capital stands at approximately 664.8 billion Uzbek soums, equally held by Jahongir Ortiqxo‘jayev and his spouse Nigoraxon Ortiqxo‘jayev. The company’s CEO, Bahodir Abdullayev, oversees operations as it advances its corporate development.
On May 8, AKFA Aluminium announced a decision on an initial public offering (IPO) of shares, marking an important milestone in its transformation into a joint-stock company. This step aims to enhance information disclosure and corporate governance standards.
According to industry data, AKFA Aluminium’s projected revenues for 2025 are estimated at 31.23 billion soums, reflecting steady operational growth. The firm holds a B+ credit rating from S&P Global Ratings, maintained consistently over the past two years.
Market Context and Investor Considerations
While AKFA Aluminium explores bond issuance, the broader Uzbek market shows mixed signals. The National Investment Fund recently sold 31% of its shares through an IPO raising around $603.6 million but reported a net loss of 417.4 billion soums in Q1 2026. Market experts emphasize careful interpretation of these financial results, distinguishing between accounting valuation adjustments and actual cash flow impacts.
"The key task for the market is to correctly interpret the fund’s financial reports and not confuse changes in asset valuations with operational losses," noted Farrux Khodjayev, head of KAP DEPO.
AKFA Aluminium’s pursuit of international bond markets reflects a strategic approach to tapping global liquidity, enhancing corporate governance, and supporting ongoing business expansion amid dynamic sector rotations in emerging markets.
