Who Owns ASELSAN? State-Owned or Private? The Shareholding Structure
Short answer: The majority stake in ASELSAN is held by the Turkish Armed Forces Foundation (TSKGV), which owns 74.20% of the company. The remaining 25.80% is the public float that trades on Borsa İstanbul under the ticker ASELS. In other words, ASELSAN is not a state economic enterprise (SEE) under direct government ownership; most of its shares belong to a specially statused, publicly controlled foundation. The most accurate description is this: ASELSAN is a publicly listed, exchange-traded joint-stock company that is strategically under public control.
Is ASELSAN state-owned or private?
It sits somewhere between the two. Neither the Treasury nor any ministry is a direct owner of ASELSAN. However, the Board of Trustees of TSKGV — its majority shareholder — includes the President (as chair), the Vice President, the Minister of National Defense, the Chief of the General Staff and the President of Defense Industries. The company is therefore steered by public will, yet legally it is a publicly listed joint-stock company.
ASELSAN shareholding structure
| Shareholder | Stake | Status |
|---|---|---|
| TSKGV (Turkish Armed Forces Foundation) | 74.20% | Majority shareholder |
| Public float (free float) | 25.80% | Borsa İstanbul – ASELS |
Source: ASELSAN 2024 Investor Presentation.
Is ASELSAN publicly traded?
Yes. ASELSAN shares were first offered to the public in 1990 (about 15.30% of the shares) and began trading on Borsa İstanbul. Today the free float stands at 25.80%. ASELSAN is TSKGV’s only exchange-traded subsidiary and Turkey’s largest listed defense company.
Privilege: TSKGV’s sole privilege is the right to nominate 6 members of ASELSAN’s 9-seat board of directors.
Frequently Asked Questions
Who is ASELSAN’s owner?
The majority owner is the Turkish Armed Forces Foundation (TSKGV) at 74.20%.
Is ASELSAN a state company?
It is not a direct state SEE; with its majority stake held by the publicly controlled TSKGV, it is strategically under public control while legally a publicly listed joint-stock company.
How do you buy ASELSAN shares?
They trade on Borsa İstanbul under the ticker ASELS and can be bought through a brokerage. (This is not investment advice.)
What is ASELSAN’s free float?
It is 25.80% (as of March 2024).
What is TSKGV?
The Turkish Armed Forces Foundation; a publicly controlled foundation that holds stakes in many defense companies, including ASELSAN.
