Is ASELSAN State-Owned or Private?

Q: Is ASELSAN a state economic enterprise?

No, it is not run from the national budget and follows capital-market rules.

Q: Is ASELSAN a private company?

Its legal form is a joint-stock company, but its controlling stake belongs to the TSKGV foundation.

Q: Who holds ASELSAN's shares?

About 74.2 percent belongs to TSKGV and 25.8 percent trades publicly on Borsa Istanbul.

ASELSAN is neither fully state-owned nor an ordinary private company; the most accurate answer is that it sits somewhere in between. Legally, ASELSAN is a publicly listed joint-stock company traded on Borsa Istanbul. But roughly 74.2 percent of its shares belong to the Turkish Armed Forces Foundation (TSKGV), an entity with organic ties to the Turkish military. So it is not a state economic enterprise run from the national budget, yet its control does not rest with a private capital group either. In short: on paper a company under private law, but in terms of control anchored to the defense-industry ecosystem.

Why it is not a “state company”

State economic enterprises in Turkey are managed directly through the national budget with public legal status. ASELSAN is not one of them. Its controlling shareholder, TSKGV, is not a government agency but a public-benefit foundation. That distinction matters, because not being tied directly to a ministry gives ASELSAN corporate flexibility, freedom to export, and the ability to trade on the stock exchange.

On top of that, about a quarter of its shares are publicly held. Unlike a classic state body, ASELSAN is therefore subject to capital-market rules, independent audits, and the obligation to publish its financials regularly.

Why it is not an “ordinary private firm” either

At the same time, treating ASELSAN as a normal private company would be misleading. Its controlling stake sits with TSKGV, the same foundation that co-owns national defense giants like ROKETSAN and HAVELSAN. As a result, ASELSAN’s strategic direction is shaped by national-security priorities that go beyond pure profit and loss. Its biggest customer is the Turkish Armed Forces, with orders largely channeled through the Presidency of Defence Industries (SSB).

Criterion	ASELSAN’s status
Legal status	Publicly listed joint-stock company
Controlling shareholder	TSKGV foundation (74.2%)
Free float	~25.8% (Borsa Istanbul, ASELS)
State budget dependency	None (not a state enterprise)
Main customer	Turkish Armed Forces / SSB
Oversight	Independent audit + capital-market rules

So who decides?

ASELSAN’s board and general management run the company’s operations. Ahmet Akyol is General Manager and Ibrahim Ozkol is Chairman. On major strategic decisions, however, the weight of the controlling shareholder TSKGV and, indirectly, the state’s defense priorities is clearly felt. This hybrid structure lets ASELSAN operate efficiently like a company while remaining positioned around national interests.

What this structure gives ASELSAN

The hybrid model offers the best of both worlds. As a listed company, ASELSAN can raise financing from capital markets, build international partnerships, and export. Meanwhile, keeping the controlling stake within the defense ecosystem prevents critical technologies from slipping into foreign hands and allows the company to invest in long-term, strategic projects. This balanced setup is a big reason behind the company’s rise to TRY 180.4 billion in 2025 revenue and its position atop Borsa Istanbul by market value.

Frequently Asked Questions

Is ASELSAN state-owned?

Not directly. It is a publicly listed company whose controlling shareholder is a foundation, though it works closely with the state on defense priorities.

Is ASELSAN a state economic enterprise?

No. It is not run from the national budget and is subject to capital-market rules.

Is ASELSAN a private company?

Its legal form is a joint-stock company under private law, but its controlling stake belongs to the TSKGV foundation, setting it apart from an ordinary private firm.