The Uzbek state will sell its share in JSC UzEX, it says in the decree of President Shavkat Mirziyoyev. The Competition Committee has been instructed to submit to the Cabinet of Ministers proposals to sell the state's share in UzEx via initial (IPO) or secondary (SPO) public offer on Toshkent Stock Exchange within two months.
The document notes that the current state of commodity markets, wholesale and stock trading procedures lag far behind world standards, with a number of problematic aspects that impede expansion of commodity sales, including due to the state holding significant share, obsolete restrictions still in place.
The commodity market is underdeveloped due to low level of introduction of futures, derivative financial instruments and other commodity trading mechanisms, which ensure the protection of entrepreneurs, especially agricultural producers, from adverse price changes, resulting in limited scale of operations and types of traded items.
