Defense giant Aselsan becomes most valuable company listed on Istanbul bourse

ISTANBUL/ANKARA

Defense giant Aselsan, 85 percent of which is owned by the Turkish Armed Forces Foundation, became the most valuable company listed on the Istanbul main stock exchange (BIST) on Nov. 14, surpassing Garanti Bank and Koç Holding early.

Its market cap reached 45 billion Turkish Liras ($11.5 billion) on Nov. 14, when the company celebrated the 42nd anniversary of its establishment.

Its shares, however, plunged sharply on Nov. 15 as its market value regressed to 38 billion liras ($9.8 billion), climbing down to the fourth rank at BIST 100 list. 

The company shares rose nearly 250 percent in value since the beginning of the year.

Aselsan designs, develops and manufactures military communication systems, radar and electronic warfare systems, electro-optical systems and defense and weapons systems for the Turkish military, in addition to exports abroad, according to data on the company’s website.

The company is ranked 58th on the list of the world’s top 100 defense giants in 2016, according to the prestigious U.S. weekly Defense News, up from 62nd in the previous year.

Meanwhile, on Nov. 14, more than 5,000 Aselsan workers visited Anıtkabir, the mausoleum of Mustafa Kemal Atatürk, the founder of the Republic of Turkey, to mark their 42nd anniversary and becoming the most valuable company.