TAI to go on IMKB

TAI is a leading Turkish defence and aerospace firm.

Senior procurement official have said that the Turkish government is now drafting for their road map on publicizing the Turkish Aerospace Industries on the stock exchange which is the 2nd largest defense company in Turkey.

They are hoping that TAI will be gaining better posture in the corporate world once part of their shares will be going public in Istanbul. When it is enlisted, TAI will then be the third defense company of Turkey that will be listed on the Istanbul Stock Exchange (IMKB). The other two are Aselsan which is a military electronics firm and the other one is Otokar which is a private manufacturer of armored vehicles.

They are also planning on consolidating their Turkish Aerospace Industries on the corporate level. A procurement official also said that smaller companies may be merged with the two top defense manufacturers’ independent corporate identities which are Aselsan and TAI that are both Ankara-based.

Aselsan is owned by the TAF Support Foundation and is a public owned company. All the other top 5 defense companies are also owned by TAF Support Foundation. They reported to have $792 million sales last year and they aim to reach $850 million this year and $1 billion next year.

TAI created in the 1980s and is also owned by TAF Support Foundation and it was created to carry out their partial production of F-16 and also with its assembly. They also assembled CN-235 Spanish made light aircraft in their first few years and they also assembled some utility choppers.

TAI is currently building 60 of the T-129 attack choppers developed by Agusta Westland, an Italian Firm, designated for the Turkish Army. They are also selected to be the prime contractor for the co production of at least 109 of the T-170 utility choppers which is a Turkish version of S-70i Black Hawk Int’l aircraft from Sikorsky, a U.S. firm.

TAI is also co producing the KT-1 which is a basic trainer aircraft together with South Korea. They are also developing their own basic trainer aircraft along with building medium altitude and long endurance remote controlled aerial vehicle called the Anka, which is Turkey’s first of its kind.

The idea is to keep Aselsan & TAI independent while reinforcing other local companies for mergers & acquisitions. No further details were added by the official reporting because of corporate secrecy.

TR Defence