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Tashkent’s "Magic City" sees yet another change in ownership
The founders of Stargate Systems, which leased nearly 21 hectares of the National Park for 49 years, are expected to change once again. Former Tashkent mayor Jahongir Ortiqkhojaev initially established Magic City on the park's territory before transferring it to his son-in-law. Now, the majority shares of the company are being transferred to "Xonadon Taomlar" LLC, which is registered at the same address as Ortiqkhojaev's business.
The Competition Committee has approved the application submitted by "Xonadon Taomlar" LLC to acquire 86.2% of the shares in Stargate Systems.
"Following an analysis conducted by the committee's special commission, it was concluded that the transactions would not affect market competition. Consequently, the application was approved, and consent for the transactions was granted," the committee's press service stated.
Background on "Magic City" and previous ownership transfers
Stargate Systems leased 20.8 hectares of the Uzbekistan National Park in central Tashkent for 49 years and developed it into the Magic City entertainment complex.
The company was registered in 2005, and in 2017, a Cabinet of Ministers decree granted it the lease of a large portion of the National Park. At that time, Stargate Systems was part of the AKFA Group, which was owned by Jahongir Ortiqkhojaev, the then-mayor of Tashkent. The Magic City trademark was officially registered in 2020 under J-United Group, also owned by Ortiqkhojaev. Later, the rights to the trademark were transferred to Stargate Systems.
Earlier, Ortiqkhojaev stated that he had sold seven companies, including Magic City. According to the Competition Committee, in 2023, 99% of Stargate Systems' shares were approved for transfer to "Tashkent Aquarium" LLC.
The sole owner of Tashkent Aquarium was Alisher Abduvakhidov, the son-in-law of Jahongir Ortiqkhojaev and the son of Abdujabbor Abduvakhidov, a former presidential advisor. This made Abduvakhidov the sole effective owner of Stargate Systems.
Currently, Abduvakhidov holds stakes in Artel Technical School (100%), Qo‘shni (100%), Carstone Amusement, and Capital Dynamics. His fully owned companies, Atlas Union and Comfortrent, are inactive.
Shift in ownership structure
The company managing the National Park currently has two shareholders:
- Alisher Abduvakhidov, holding 13.8%
- Tashkent Aquarium, holding 86.2%
Previously, in 2023, Abduvakhidov directly owned only 1% of Stargate Systems, while Tashkent Aquarium held 99%. However, his personal stake has now increased to 13.8%, while Tashkent Aquarium still holds 86.2%.
With the transfer of 86.2% of Stargate Systems’ shares to "Xonadon Taomlar" LLC, it is expected that Tashkent Aquarium will be removed from the company's list of founders.
About "Xonadon Taomlar" LLC
- Registered on December 27, 2023, the company shares the same legal address as Stargate Systems (183A Olmazor Neighborhood, Chilonzor District).
- Its legal address, phone number, and email match those of Tashkent Aquarium.
- The company's declared business activities include restaurant services and food delivery.
- The charter capital of the company is 50 million UZS.
- Its director is Bekzod Abdumajidov.
- The sole founder is Firdavs Mukhammadiev, who also owns Magic Stop, a retail company registered on the same day at the same address.