ROKETSAN Ownership Structure: Shareholders Explained

ROKETSAN’s ownership structure has five shareholders: the Turkish Armed Forces Foundation (TSKGV) holds 55%, ASELSAN 15%, MKE 15%, VakıfBank 10% and other minority holders 5%. State-linked entities together control more than 95%, and ROKETSAN is not publicly traded on any stock exchange.

55%

TSKGV stake

15%

ASELSAN

15%

MKE

10%

VakıfBank

ROKETSAN Ownership — At a Glance
Full name	ROKETSAN Roket Sanayii ve Ticaret A.Ş.
Legal form	Joint-stock company (A.Ş.)
Controlling owner	TSKGV — 55%
Other shareholders	ASELSAN, MKE, VakıfBank, others
State-linked share (total)	Over 95%
Publicly traded?	No — not listed on any exchange
Foreign owner	None
CEO/GM	Murat İkinci

How is ROKETSAN’s ownership structured?

ROKETSAN’s ownership structure is one of the clearest examples of how Türkiye organises its strategic defence sector under public control. The company’s share capital is not held by an individual or a private holding company. Instead it is divided among a public defence foundation and three large state-linked institutions. Four of the five shareholders are directly tied to the Turkish state or its armed-forces foundation, which makes ROKETSAN effectively a state-controlled joint-stock company (Anonim Şirketi, or A.Ş.).

The controlling stake, 55%, belongs to the Turkish Armed Forces Foundation (TSKGV). A holding of this size gives the foundation an outright majority in any shareholder vote and is the reason ROKETSAN is formally described as a TSKGV company. The remaining shares are held by familiar names from Türkiye’s defence and finance landscape: the defence-electronics leader ASELSAN with 15%, the munitions and weapons manufacturer MKE with 15%, the state-linked bank VakıfBank with 10%, and a mixed Other category of 5%.

The most striking feature of this breakdown is how heavily it concentrates ownership in public hands. Adding TSKGV’s 55% to ASELSAN’s 15%, MKE’s 15% and VakıfBank’s 10% puts more than 95% of the company in state-linked ownership. The only slice left for private or financial investors is the 5% “Other” category. There is no controlling private individual, no family owner and no foreign shareholder with meaningful influence.

This arrangement dates back to the company’s origins. When ROKETSAN was founded on 14 June 1988 in Ankara, by decision of the Defence Industry Executive Committee, the intent was to create a national institution capable of designing and producing rockets and missiles domestically. Keeping the share capital in strategically trusted institutions was part of that plan, and the ownership ratios have stayed broadly stable ever since, with TSKGV always at the centre.

ROKETSAN's share capital is divided among a public defence foundation (TSKGV) and Türkiye's leading defence and finance institutions. — ROKETSAN’s share capital is divided among a public defence foundation (TSKGV) and Türkiye’s leading defence and finance institutions.

The ownership table and what the shares mean

The table below shows ROKETSAN’s current shareholding as reported in official and open sources. After the table we explain each shareholder in turn, because with ROKETSAN the question of “why these particular owners” is as revealing as “who holds how much.”

TSKGV (55%) — the controlling shareholder. As a public foundation it does not manufacture weapons itself; it holds and coordinates the ownership of Türkiye’s strategic defence firms. Its 55% is why ROKETSAN is classed as a foundation company.
ASELSAN (15%) — Türkiye’s largest defence-electronics company, and itself a TSKGV firm. It is ROKETSAN’s natural partner on guidance, sensors and electronics.
MKE (15%) — the state ammunition and weapons manufacturer, a highly compatible partner for a company that builds rockets, missiles and munitions.
VakıfBank (10%) — a large Turkish bank with significant state ownership, providing the financial-institution presence.
Other (5%) — small minority holdings.

What stands out is the absence of any private, foreign or purely financial investor with real influence. Because ASELSAN is itself a TSKGV company, the foundation’s combined direct and indirect weight over ROKETSAN exceeds the headline 55% figure. This concentration inside the defence-foundation circle is deliberate: it keeps sensitive missile and air-defence technology under national control rather than exposed to open markets.

ROKETSAN ownership structure

Shareholder	Stake
Turkish Armed Forces Foundation (TSKGV)	55%
ASELSAN	15%
MKE	15%
VakıfBank	10%
Other	5%

What each shareholder means

TSKGV — the public foundation and umbrella owner. The Turkish Armed Forces Foundation was created to strengthen the country’s armed forces and its domestic defence industry. It does not build anything itself; instead it holds controlling or major stakes in strategic companies such as ROKETSAN, ASELSAN, HAVELSAN and ASPİLSAN, keeping their ownership together under one roof. Its purpose is not to distribute profit to outside shareholders but to channel the sector’s earnings back into research, development and capacity. That is why its 55% stake in ROKETSAN is different from an ordinary investment: it is a form of ownership that sets the company’s strategic direction according to national-security priorities.

ASELSAN and MKE — the sister defence firms. Two of ROKETSAN’s shareholders, ASELSAN and MKE, are themselves flagships of the Turkish defence industry. ASELSAN specialises in electronics and guidance systems, MKE in munitions and weapons. Their presence on the share register places ROKETSAN inside an ecosystem woven together not with competitors but with its own sister companies. This cross-shareholding is a hallmark of how Türkiye organises its defence sector as a mutually reinforcing network: on a single missile programme, ROKETSAN may supply the airframe and propulsion while ASELSAN provides the guidance and electronics.

VakıfBank — the state-linked bank. The only financial institution in the structure, VakıfBank is a large Turkish bank with significant state ownership. Its 10% stake adds a financial dimension alongside the industrial shareholders, reflecting the role of public financial resources in funding defence investment and the company’s long-term growth plans.

Together these three groups make ROKETSAN more than a manufacturer: it sits at the intersection of Türkiye’s defence, industry and finance chain. The foundation represents strategy and national control, the sister firms represent technological alignment, and the bank represents financial depth.

Why is it not publicly traded, and how stable is the structure?

Although ROKETSAN is legally a joint-stock company, its shares are not listed on Borsa İstanbul (BİST) or on any other exchange, and it is not publicly traded. There is no freely tradable stock, no ticker symbol and no market price. Because the entire capital is held privately among the foundation and its institutional partners, ordinary investors cannot become shareholders in ROKETSAN. The fact that ASELSAN, one of its owners, is itself partly listed sometimes causes confusion, but that does not make ROKETSAN itself public.

This closed structure is a deliberate choice. Keeping the shares off the market prevents control of sensitive missile and air-defence technology from passing to unpredictable market forces or foreign investors. It also frees the company to pursue multi-year research programmes without quarterly market pressure. ROKETSAN’s long-horizon investments — such as the Lalahan (missile integration) and Kırıkkale (propellant production) facilities opened in 2026, with total investment reported above one billion dollars and a goal of increasing missile-production capacity roughly fivefold — are only possible because of the predictability this ownership model provides.

The ownership ratios have remained broadly stable over the years, with TSKGV consistently at the centre. Even as the company’s finances have grown rapidly — according to management statements its 2025 turnover exceeded two billion dollars, with new contracts pushing the total order book toward roughly ten billion dollars — this growth has not led to any public share sale. Precise capital and shareholding details may include points that are not officially disclosed, since ROKETSAN does not publish detailed quarterly shareholding reports the way listed firms do. No initial public offering or change to the structure has been officially disclosed to date.

ACCURACY NOTE

ROKETSAN’s ownership breakdown (TSKGV 55%, ASELSAN 15%, MKE 15%, VakıfBank 10%, other 5%) reflects the officially reported structure. Because the company is not listed on any exchange, detailed audited quarterly shareholding and capital figures are not public; points not officially disclosed are marked as such.

Frequently Asked Questions

Who are ROKETSAN’s shareholders?

ROKETSAN has five shareholders: the Turkish Armed Forces Foundation (TSKGV) with 55%, ASELSAN with 15%, MKE with 15%, VakıfBank with 10% and other holders with 5%. Four of the five are state-linked.

Who holds the majority of ROKETSAN’s shares?

The Turkish Armed Forces Foundation (TSKGV) holds the majority with 55%. This gives it a decisive vote at the shareholders’ meeting and is why ROKETSAN is described as a TSKGV company.

What stakes do ASELSAN and MKE hold in ROKETSAN?

ASELSAN and MKE each hold 15% of ROKETSAN. Both are leading firms in the Turkish defence industry, and ASELSAN is itself a TSKGV company like ROKETSAN.

Why is VakıfBank a shareholder in ROKETSAN?

VakıfBank is a large Turkish bank with significant state ownership, and it holds 10% of ROKETSAN. It adds a financial-institution dimension alongside the industrial shareholders.

Can ROKETSAN shares be bought on the stock market?

No. ROKETSAN is not listed on Borsa İstanbul or any other exchange and is not publicly traded, so ordinary investors cannot buy its shares. No public offering has been officially disclosed.