Turkish state fund approves the sale of BMC military vehicles manufacturer for $360 million 1005141

a

Defence & Security News - Turkey

 
 
Saturday, May 10, 2014 11:28 AM
 
Turkish state fund approves the sale of BMC military vehicles manufacturer for $360 million.
Turkish state fund on May 8 approved the 751 million lira ($360 million) sale of armored vehicle maker BMC, seized from troubled conglomerate Çukurova Holding a year ago, to a businessman close to the government. The Savings Deposit Insurance Fund (TMSF) said it would approve the sale of BMC to Es Mali Yatirim & Danismanlik, a company owned by Ethem Sancak, who also owns the pro-government Aksam newspaper.
     
Turkish state fund on May 8 approved the 751 million lira ($360 million) sale of armored vehicle maker BMC, seized from troubled conglomerate Çukurova Holding a year ago, to a businessman close to the government. The Savings Deposit Insurance Fund (TMSF) said it would approve the sale of BMC to Es Mali Yatirim & Danismanlik, a company owned by Ethem Sancak, who also owns the pro-government Aksam newspaper.
BMC was one of the largest commercial vehicle manufacturers in Turkey. Its products include buses, trucks, and military vehicles.

     

The Izmir-based vehicle manufacturer was supposed to deliver 468 armored vehicles (Kirpis) and trucks in a range of sizes to the Turkish Defense Ministry by the end of 2012. However, the company succeeded in only delivering 295 of the order, until 25 more Kirpis and trucks were delivered at the end of March.

Sancak, who used to mostly operate the in pharmaceutical and health sectors, has recently switched the focus of his business.

The businessman, who acquired Çukurova’s former media assets including broadcaster Skyturk 360 and daily Aksam in November 2013, announced his ambition of “building up a strong presence in the media and defense sectors” during BMC negotiations on April 30.

 

This website uses cookies to manage authentication, navigation, and other functions. By using our website, you agree that we can place these types of cookies on your device.