Turkish defence company Aselsan has denied claims that the company‘s shares, most of which are owned by the Turkish Armed Forces Fund, are planned to be sold to foreign investors.

“The company reserves its legal rights to oppose these false allegations and media reports,” the company said in a statement on December 7, Hurriyet reported.

Ismail Demir, head of Turkey‘s Defence Industry Authority (SSB), said yesterday that the allegations were “misinformation“.

“Any discussion about this company could lead to serious consequences. In fact, under the law, Aselsan must notify the Public Disclosure Platform of any actions,” Demir said.

He also noted that Turkish companies can establish subsidiaries and partnerships in foreign countries in the defence and technology sector, pointing out that the Turkish Armed Forces Foundation is also the majority owner of Havelsan and Roketsan.

Recent media reports have claimed that investors from the United Arab Emirates have expressed interest in buying shares in Turkish defence companies such as Aselsan.

At the same time, according to the company‘s report, Aselsan‘s turnover in the first half of the year increased by 33% compared to the same period last year and reached 7 billion. Turkish lira (USD 809. 5 million).

We add that Turkey‘s largest defense company reported a 37% year-on-year increase in net profit to 2. 5 billion pounds ($289. 1 million).

The company‘s capital-to-asset ratio is equal to 57%, and the total volume of orders for the same period reached $9. 2 billion.

The publication recalls that Aselsan was ranked 48th in the Defence News Top 100 list for 2020 with revenues of $2. 2 billion. The prestigious American magazine compiles the list according to the annual revenues of defence companies.