On Thursday the Government approved a proposal by the MGL Business SRL company with the participation of foreign capital on setting up a joint stock company with the participation of private foreign capital, where the Sport Agency trough the Republican Stadium enterprise will become its co-founder.

This decision was taken on the basis of the Law on Privatization and State Property Administration, approved in 2007.

According to the Law, each side must own 50% of shares in a joint stock company’s authorized capital.

The Republican Stadium enterprise offers a 1.7-hectare land plot in the Tighina 12 Street, as its share in the authorized capital. The cost of this plot must be determined by a licensed appraiser. The MGL Business SRL company’s contribution into the authorized capital of the enterprise to be set up must consist of money for financing the construction of a new stadium.

The Republican stadium was put into operation in 1952 and it was reconstructed in 1974. Since that time only small repairs were conducted. Its conditions for training and conducting sport competitions do not already meet the contemporary requirements.

In 2006 Moldovan President Vladimir Voronin put forward an initiative to reconstruct the stadium. The old stadium was destroyed. Various reconstruction projects were considered, but it was not possible to begin works because of no money available.

The Resolution obliges the Ministry of Economy and Trade and the Sport Agency to work out constituent documents and to provide the registration of a new joint stock company within a month.  // Infotag



Publication date: 22 February 2008   

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