Aselsan signs contract for national ship project

Aselsan, Turkey's leading defense company, has signed a new contract regarding the MİLGEM, a national warship program, project.

An agreement regarding the MİLGEM 5 Project (combat systems) has been signed between the business Partnership, which was established by Aselsan and Havelsan, and the main contractor STM Savunma Teknolojileri, Aselsan said yesterday in a filing with Borsa Istanbul.

Within the context of the agreement, Aselsan will be responsible for the procurement of the navigation, communication, sonar and radar systems as well as weapons, electronic warfare, guided missile, and torpedo weapons, and electro-optics, according to the statement.

Aselsan's business share is 663.5 million Turkish Liras (around $101 million).

The deliveries will be made between 2021 and 2023, Aselsan also said.

Aselsan was founded in 1975 in order to meet the communication needs of the Turkish Armed Forces (TSK) by national means.

Oer the years, it became the largest defense company in Turkey.

Currently, ​74.2 percent of the shares of Aselsan are owned by the foundation whereas the remaining 25.7 percent is traded on the stock exchange.