AKFA Aluminium Explores International Bond Issuance to Boost Corporate Transparency
Uzbek aluminium producer AKFA Aluminium plans its inaugural bond issuance with investor roadshows in London, aiming to enhance corporate governance and financial transparency.
AKFA Aluminium, one of Uzbekistan's largest private companies specializing in aluminium and plastic products for the construction industry, is exploring the possibility of issuing bonds on international markets for the first time in its history. The company announced its decision regarding an initial public offering (IPO) of shares earlier in May, marking a significant step toward greater corporate transparency and governance improvements.
International Bond Issuance and Investor Engagement
According to reports, AKFA Aluminium is preparing to conduct investor presentations in London starting July 13, engaging global investors during a two-day roadshow organized with the assistance of Citigroup and JPMorgan. These meetings are aimed at gauging investor interest and discussing the potential bond issuance, although no immediate plans have been announced to finalize the placement.
“These meetings are in the preliminary stage, with no immediate timeline for bond issuance,” stated sources familiar with the discussions.
The involvement of leading global investment banks like Citigroup and JPMorgan highlights AKFA Aluminium's ambitions to integrate more closely with international financial markets. This move could provide the company with diversified capital sources beyond its traditional operations and domestic financing channels.
Corporate Development and Financial Outlook
Founded in 2000 by entrepreneur and former Tashkent mayor Jahongir Ortiqxo‘jayev, AKFA Aluminium exports its products to more than 30 countries. The company’s authorized capital currently stands at 664.8 billion Uzbek soms, with ownership split evenly between Jahongir Ortiqxo‘jayev and Nigoraxon Ortiqxo‘jayev. Bahodir Abdullayev serves as the company’s general director.
Recently, the credit rating agency S&P Global Ratings assigned AKFA Aluminium a B+ credit rating for 2024, reflecting stable outlooks maintained over the subsequent two years. Financial data indicate the company reported revenues of approximately 31.23 billion soms for 2025, demonstrating steady operational performance amid broader economic challenges.
Context of Investment and Market Perception
The upcoming bond issuance and IPO are part of AKFA Aluminium’s broader strategy to enhance corporate governance and increase transparency, which are critical factors for attracting foreign investment and improving access to capital markets. This aligns with the company's goal to formalize its reporting and governance structures, thereby supporting sustainable growth.
Industry experts caution investors to interpret financial results carefully. For instance, despite the National Investment Fund’s sale of a 31% stake in the company's IPO for nearly $603.6 million, the fund reported a significant accounting loss of 417.4 billion soms in the first quarter of 2026. Analysts emphasize that such losses often relate to asset revaluation and accounting conventions rather than direct cash outflows.
“It is crucial to distinguish between operational losses and accounting adjustments reflecting asset revaluations,” noted Farrux Khodjayev, head of KAP DEPO, adding that market participants should not conflate these with genuine liquidity issues.
By pursuing an international bond issuance and IPO, AKFA Aluminium is positioning itself to capitalize on emerging opportunities in financial markets, including improved investor confidence through enhanced disclosure practices. This development is noteworthy within Uzbekistan’s growing fintech and digital economy sectors, underscoring a shift towards modernized capital-raising mechanisms and increased integration with global financial systems.
