The draft resolution of the Cabinet of Ministers “On measures to improve the management system of markets and shopping malls and gradually reduce state participation in them” was announced.

Based on the level of regional development and specifics, in order to transform markets and shopping malls into convenient trading venues and to conduct the process of selling state shares in them on a transparent basis:

In accordance with Annex 1 of the draft resolution, a list of market and trade complexes to be sold in the prescribed manner, provided that the state shares in the charter capital will be modernized on an experimental basis on the principle of “all in one place”;

In accordance with Annex 2, the list of non-functioning market and trade complexes to be terminated in the manner prescribed by law will be approved.

In this case, the conditions and methods of sale of state shares in markets and shopping malls will be determined by the decision of the State Commission for tenders for the sale of state property.

The draft resolution also establishes regional commissions to study issues related to property issues in the activities of markets and shopping malls, where state-owned shares are sold in the charter capital, and to take measures to address identified problems.

Under the State Assets Management Agency for coordination of pre-sale preparation and auction of market and Trade complexes, coordination of territorial commissions, a Management Office of Market and Trade Complexes will be established, which will be financed from the off-budgetary funds of the Fund for Management, Transformation and Privatization of State Assets.

Moreover, according to the draft resolution, while selling the shares of local public authorities in the authorized capital of markets and shopping malls:

•  the part of the proceeds from the sale distributed to the republican budget, as an exception, shall be directed to the republican budget of the Republic of Karakalpakstan, local budgets of the regions and the city of Tashkent, respectively;
•  when there is a share of enterprises in which the state has a dominant position in the charter capital of markets and trade complexes, their shares will be transferred to local public authorities in the prescribed manner on the basis of decisions of the governing bodies at the expense of reducing the state share in the charter capital at book value and put up for sale in a single package;
•  the sale of their property by the market and trade complexes, the conclusion of major transactions, the disposal of their assets as collateral and otherwise are strictly prohibited until the sale of state-owned shares in the charter capital.