Who Owns HAVELSAN? Is It a State Company?

Who owns HAVELSAN? The short answer: it is a joint-stock company whose capital is roughly 98 percent held by the Turkish Armed Forces Foundation (TSKGV), whose shares are not traded on the stock exchange, and which is effectively under public control. This article examines HAVELSAN’s ownership structure, its link to TSKGV, its sister companies and its management, based on open sources.

For a general profile see our What is HAVELSAN? overview, and for what it does, What does HAVELSAN do?

Who is HAVELSAN’s owner?

HAVELSAN’s principal shareholder is the Turkish Armed Forces Foundation (TSKGV), which holds about 98 percent of its capital. TSKGV is also the main shareholder of many companies regarded as the backbone of the Turkish defence industry, so HAVELSAN sits under the same foundation umbrella as ASELSAN, TUSAŞ (TAI) and ROKETSAN. The remaining small stakes belong to institutions within the public and defence ecosystem.

This structure makes HAVELSAN a company that is effectively under public control but operates in joint-stock form. Its shares are not traded on Borsa İstanbul, so it is not a publicly listed company.

HAVELSAN BARKAN unmanned ground vehicle — HAVELSAN provides the software layer for its TSKGV sister companies. Source: HAVELSAN

What is TSKGV, and how is it linked to HAVELSAN?

The Turkish Armed Forces Foundation is a foundation established to develop Türkiye’s defence industry through national means. Through its affiliated companies, the foundation supports the indigenous and national production of defence technologies. HAVELSAN is the affiliate specialised in defence software and systems integration. It takes on the software layer as a complement to its hardware-focused sister companies — ASELSAN for electronics, TUSAŞ for air platforms and ROKETSAN for missiles.

Is it a state company or a private one?

Technically HAVELSAN is a joint-stock company, that is, a commercial entity governed by private-law rules. But because the overwhelming majority of its capital belongs to a public-foundation structure, it is treated in practice as being under public control. This dual character can be summed up as: a company in legal form, public in ownership and control.

Who manages HAVELSAN?

The executive side is run by the general manager and senior management; the current general manager is Dr. Mehmet Akif Nacar. The board of directors is made up of members designated by the principal shareholder TSKGV and the relevant public institutions. HAVELSAN does not routinely disclose detailed figures such as headcount and annual revenue; while some sources cite a workforce above three thousand, this figure has not been officially confirmed.

Ownership and corporate profile

Company	HAVELSAN A.Ş.
Principal shareholder	Turkish Armed Forces Foundation (TSKGV, ~98%)
Legal form	Joint-stock company (not publicly listed)
Control	Effectively under public control
Sister companies	ASELSAN, TUSAŞ (TAI), ROKETSAN (same foundation)
Founded	1982 (fully national in 1985)
Headquarters	Ankara
General manager	Dr. Mehmet Akif Nacar

Frequently asked questions

Who does HAVELSAN belong to?

About 98 percent of its capital belongs to the Turkish Armed Forces Foundation (TSKGV); the remaining small stakes are held by institutions within the defence ecosystem.

Is HAVELSAN a state company?

Legally it is a joint-stock company, but because the overwhelming majority of its capital belongs to a public-foundation structure, it is treated in practice as being under public control.

Are HAVELSAN shares on the stock exchange?

No. HAVELSAN is not publicly listed and its shares are not traded on Borsa İstanbul.

How is HAVELSAN linked to ASELSAN?

Both are affiliates of the same foundation (TSKGV). ASELSAN specialises more in electronics and hardware, HAVELSAN in software and systems integration.

Who manages HAVELSAN?

The executive side is run by the general manager (Dr. Mehmet Akif Nacar) and senior management, while corporate direction is set by a board designated by the principal shareholder, TSKGV.