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Turkish Armed Forces Foundation Celebrating its 30th Establishment Anniversary

Established according to the Law number 3388 on 17th June 1987 for contributing to reinforce the fighting force of the Turkish Armed Forces through the development of the national defense industry, consisting of new branches of the defense industry and procurement of ordnance equipment, the Turkish Armed Forces Foundation is celebrating its 30th year of anniversary

Celebrating its 30th anniversary of establishment, the Turkish Armed Forces Foundation (TSKGV) Acting General Manager Mr. Sadık Piyade shared the 2016 results with the public regarding equity capital size, sales and contractual business volume of Founding Companies.  

Currently, in addition to the six companies, of which it holds more than 50% of the capital, the Foundation is the shareholder of 29 more companies. In the public announcement, it was stated that by the end of year 2016, regarding Aselsan, TAI, Roketsan, Havelsan, İşbir and Aspilsan companies with foundation partnerships, total assets reached 23 billion TL (est.$6.4 billion), with total equity capital increasing to 5.8 billion TL. (est.$1.6 billion) and sales reached 7.8 billion TL (est. $2.6 billion).  Remaining contract bound business volume reached 22.5 billion TL (est. $6.25 billion) and in addition 31% of the total sales consisted of exports. In the statement, it was also noted that $1 billion in payments were made to the local sub-contractors as of 2016.

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