Part of state share in Turkish defense company Aselsan to be offered for privatization

Business Materials 16 December 2013 16:56 (UTC +04:00)

Baku, Azerbaijan, Dec.16
By Rufiz Hafizoglu - Trend:

Around 15 percent of the Turkish national military and industrial company Aselsan will be privatized, the company's CEO Cengiz Ergeneman said, Anadolu agency reported on Dec.16.

Some 15 percent of the company's share will be offered for privatization in March 2014, according to Ergeneman.

The military and industrial company Aselsan was founded in 1975 on the basis of the Turkish Armed Forces.

Aselsan has been producing defense products since 1979.

The annual total revenues of the company exceed $1 billion.

Turkey's total income from privatization that started in 1985 amounted to $57.8 billion. The total volume of revenues from the privatization of state property amounted to $1.85 billion in 2013.

Earlier, the Turkish Privatization Agency (OIB) said that some 38 state facilities have been privatized in Turkey since early 2013.

It is expected to bring in some $887.45 million of revenue from the privatization of 13 state facilities that are currently awaiting approval.

Translated by L.Z.

Edited by C.N.