Tashkent, Uzbekistan (UzDaily.com) -- Cabinet of Ministers of Uzbekistan adopted decision on modernization of Tashkent race track and development of activity of Markaziy Ippodrom OJSC for further popularization of equestrian sport in the country.

The document said that Markaziy Ippodrom OJSC has been created on the base of the state assets and property of Toshkent Otchopari LLC with the authorized capital of 16.575 billion soums.

At the same time, the State Property Committee of Uzbekistan holds 90.17% stakes or 14.945 billion soums in the charter capital of new enterprise. Toshkent Otchopari LLC possesses 9.83% stake in the enterprise, which makes up 1.629 billion soums.

The government set main tasks of Markaziy Ippodrom OJSC as:

• Active development and propaganda of national and modern types of equestrian sport;
• Improve material-technical base of Central Race Track in Tashkent to international standards;
• Organization of various sport events and competitions at the international level;
• Creation of modern school of equestrian sport and upbringing of talented masters of equestrian sport.

The government approved plans on implementation of shares of the State Property Committee in Markaziy Ippodrom OJSC for 40.17% (13,315,955 shares) for 6.756 billion soums, which was determined by valuation organization.

Markaziy Ippodrom OJSC will also issue additional shares and increase the authorized capital to 29.5 billion soums. The funds raised from realization of shares will be directed to implementation of the enterprise’s tasks.

In line with the government decision, the State Property Committee of Uzbekistan will keep 50% plus one share in charter capital of Markaziy Ippodrom OJSC, including through purchase part of additional emission of shares due to resources, received from privatization.