Who Owns ASELSAN? Is It State-Owned?
Who owns ASELSAN — is it state-owned? In short: ASELSAN is not directly a state body. About 74.2% of its capital belongs to the Turkish Armed Forces Foundation (TSKGV), while the remaining ~25.8% is publicly traded on Borsa Istanbul under the code ASELS. ASELSAN is thus a publicly listed company controlled by a foundation.
ASELSAN’s shareholding structure
ASELSAN’s ownership has two main components: TSKGV as the controlling shareholder, and the free float traded on Borsa Istanbul. The table below summarises this structure.
| Shareholder | Stake | Note |
|---|---|---|
| Turkish Armed Forces Foundation (TSKGV) | ~74.2% | Main shareholder / control |
| Free float (Borsa Istanbul, ASELS) | ~25.8% | Retail and institutional investors |
Is TSKGV state-owned?
The Turkish Armed Forces Foundation (TSKGV) is a foundation established in 1987 to develop Turkey’s defence industry with national resources. TSKGV is not a government office, but by purpose and institutional ties it is a public-benefit body supporting the Turkish Armed Forces. It is the main shareholder not only of ASELSAN but also of key defence firms such as ROKETSAN, TUSAŞ (TAI) and HAVELSAN.
The short answer to ‘is it the state’s?’
Although ASELSAN is often called a ‘state company’, the legal reality is more nuanced. ASELSAN is a joint-stock company whose shares trade on the exchange; its largest shareholder is not the state directly but a foundation (TSKGV). Saying it is ‘entirely state-owned’ is therefore not technically accurate — but because of the controlling shareholder’s close ties to the armed forces, the company is regarded as a public-strategic defence institution.
Frequently asked questions
Who owns ASELSAN?
ASELSAN’s main shareholder is the Turkish Armed Forces Foundation (TSKGV), holding about 74.2% of the capital. The remaining ~25.8% is publicly traded on Borsa Istanbul under the ticker ASELS.
Is ASELSAN state-owned?
ASELSAN is not directly a state agency. Its controlling shareholder is TSKGV, a foundation established to support the Turkish Armed Forces rather than a government department. ASELSAN is therefore a publicly listed company controlled by a foundation.
What is TSKGV?
The Turkish Armed Forces Foundation (TSKGV) is a foundation set up in 1987 to develop Turkey’s defence industry with national resources. It is the main shareholder of ASELSAN, ROKETSAN, TUSAŞ and HAVELSAN.
Can anyone buy ASELSAN shares?
Yes. As a listed company, ASELSAN shares (ASELS) can be bought and sold by retail and institutional investors on Borsa Istanbul. The free float is roughly a quarter of total capital.
Was ASELSAN privatised?
ASELSAN has had TSKGV as its main shareholder since its founding; it did not go through a classic state-enterprise privatisation. A portion of its capital has been floated on the exchange over time.
Sources
- ASELSAN — Investor Relations / Shareholder Structure pages (accessed July 2026).
- TSKGV — corporate profile and subsidiaries.
- Images: Wikimedia Commons — VoidWanderer (CC BY-SA 4.0) and the ASELSAN logo (public domain).
Related: What is ASELSAN? · When was ASELSAN founded?
