Article 18. Assessment and determination of the starting price of the privatized state property

The initial price of the privatized state-owned property shall be determined by the Authorized government body or its territorial administrations. The privatization of state-owned property is carried out on the basis of an assessment report by an independent appraisal organization, including appraisal organizations with an international reputation.

The valuation report shall be used as a reference material within the methods of privatizing state-owned property established by this Law. The Authorized government body or its territorial administrations shall:

involve appraisal organizations in accordance with the agreement;

determine the initial price of state-owned property subject to privatization at public auctions, taking into account the current market conditions and all factors influencing the value of such state property, including the residual (book) value or the amount of net assets, which differ from the estimated value, have the right to determine the proportional value.

In cases provided for by Law, the Authorized government body or its territorial administrations shall verify the reliability of the valuation report. In this case, the reliability of the valuation report shall not be verified during the valuation of state-owned property by subsidiaries of internationally recognized auditing companies operating in the territory of the Republic of Uzbekistan, as well as during the placement of state property at auctions and on the stock exchange.