Press Release

on the work done by the State Property Committee of the  Republic of Uzbekistan and the market infrastructure organisations during the III quarter of 2008

Work done by the State Property Committee of the Republic  of Uzbekistan and the market infrastructure organisations during the III quarter of 2008 has been aimed at implementation of the major priorities specified by President of the Republic Uzbekistan at the sessions of the Government on February, 8th and on July, 18th, 2008, execution of the Resolution by President of the Republic Uzbekistan dated 20.07.2007 NoPP-672 «On measures aimed at further deepening of processes of privatisation and active attraction of foreign investments in 2007-2010», and also other decisions of the Government.

With a view of perfection of legislative and normative-legal base Laws «On the securities' market» from 22.07.2008, «On modification and addenda to the Law of the Republic Uzbekistan «On joint-stock companies and protection of the rights of shareholders» dated 26.09.2008 were adopted. 

The draft Laws of the  Republic of Uzbekistan  «On state registration of the property rights for real estate», «On modification and addenda to some legislative acts in connection with the adoption of the Law of the Republic of Uzbekistan «On state registration of the property rights for real estate» were in accordance with the established procedure presented for consideration by the Cabinet of Ministers.

The Resolution of the Cabinet of Ministers No160 «On additional measures on development of an infrastructure of the securities' market» was issued. At a stage of getting approved are drafts of Provisions «On system of obligatory specifications of professional participants in the securities' market» and «On the internal control of professional participants in the securities' market».

According to the Resolution by President of the Republic of Uzbekistan dated 24.04.2008. №PP-843 «On further improvement of activity of the valuation organizations and enhancing their responsibility for quality of rendered services», the  Resolutions  by the Cabinet of Ministers dated 12.06.2008  №128 «On modification and addenda to the Resolution by the Cabinet of the Ministers dated 08.05.2003  No210 «On licensing of the valuation activity» and dated 28.07.2008 No161«On approval of the mechanism for carrying out of examination on reliability of valuation reports» were adopted.

Several additions  and addenda were introduced to «The rights of holding the contests on transferring the  state packages of shares under the  trust management», and «The Provision about the order of including the audit organizations into the list of audit organization for carrying out external audit at the enterprises with presence of state-owned share at size over  50 percent at the shareholders' equity». 

Systematic work on fulfillment of the Resolution by President of the Republic Uzbekistan dated 20.07.2007 NoPP-672 «On measures aimed at further deepening of processes of privatisation and active attraction of foreign investments in 2007-2010» has been performed. In order to activate the attraction of foreign investments 45 meetings with representatives of 90 foreign companies, including potential investors from UAE, Russia, Japan, Switzerland, Korea, Sweden, Kazakhstan,  Italy, Belgium, Great Britain, Finland, Turkey, Slovakia, Kuwait, Singapore and other countries, 45 seminars and "round tables" on issues of privatization with participation of  international institutes and organizations of foreign countries were held.

In the website of the State Property Committee company profiles of enterprises included into the Privatization Program, list of legislative and normative-juridical acts, regulating the processes of privatization, demonopolization  of the branches of economy, management of state property and improvement of corporative management. During 9 months  over 205 000 visits to the website were registered.

As a result of the measures implemented during the accounting period 232 state-owned assets were sold (101,3 % of forecasted), a total sum of transactions amounted 49,24 million dollars and 72,84 billion soums, including 36,52 million dollars and 49,31 billion soums of the investment obligations undertaken by buyers under the sale-purchase contracts.

At the exchange auctions 57 (24,6 %) of  the state-owned assets, and 175 (75,4 %) at the over-the-counter market were sold.

By the decision of the State Tender Committee 8 state-owned assets (3,4 %) for the sum of 40,52 million dollars and 0,07 billion soums were sold, investment obligations on modernisation of privatised enterprises amounted 32,51 million dollars and 0,01 billion soums.

At auctions and competitive sales 97 objects (41,8 %), including those tobe purchased with acceptance of investment obligations for a total sum of 2,0 million dollars and 13,42 billion soums were sold. (In comparison with the similar period of 2007 growth in national currency has made 1,1 times).

At zero price 46 objects (19,8 %) in return for investment obligations for the sum of over 34,58 billion soums (growth by 26,6 folds) and 1,01 million dollars were sold.

The general turnover at the securities' market constituted 484,2 billion soums. Compared to the similar period of the recent year the volume of transactions with corporate securities has increased by 2,3 folds.

During 9 months of the current year 327 state enterprises and objects  have changed ownership ststus into the non-state ones and based on those 5 Limited Liability Companies (1,5 %) were created and 322 were acquired by private proprietors (98,5 %).

 Among them are those under supervision of Local administration bodies (139), Ministries of health (51), national education (29), rural and a water management (16), other economy branches. The greatest quantity of the privatised objects may be observed in Tashkent city (78), Tashkent (69), Qashqadarya (24), and  Namangan (23) Regions.

The volume of actual drawing of foreign investments into the privatised objects within the limits of the confirmed Investment Program for 2008 has made 78,28 mln. dollars or 214,2 % of the annual forecast.