Military vehicle manufacturer BMC's sale to businessman Ethem Sancak approved
ANKARA – Anadolu Agency
Ethem Sancak has pledged to pay 751 million Turkish Liras for BMC.The Turkish Competition Board approved the sale of Turkish military vehicle manufacturer, BMC, to Turkish businessman Ethem Sancak on May 21.
The businessman had offered 751 million Turkish Liras ($360 million) on April 25 to buy the manufacturer of armored vehicles, trucks and buses from the state fund, which had seized the company from Çukurova Holding last year.
The Savings Deposit Insurance Fund (TMSF) had initially estimated BMC’s value at 958 million liras, but Sancak’s company, Es Ayıtım, was the only bidder in the auction.
Sancak said the company would cost him around 2 billion liras ($948 million) because of the investment he claims will be needed to continue production.
The TMSF seized BMC, along with 11 other group companies, from Çukurova last May, alleging that the conglomerate failed to make payments on $455 million worth of debts owed to the fund.