Jun 29 2018

Turkish government-linked arms company to sell 20 percent stake

Albayraklar Defence Industries, a company that has designed remote-control sea-drones to damage ships, is to sell a 20 percent stake to investors for $100 million, economy-focused newspaper Dünya said.

Company chairman Adnan Albayrak announced that 33 companies around the world had expressed an interest in the shares following discussions that began on Thursday.

The company’s Wattozz (Stingray) sea drones, developed in conjunction with the Black Sea Technical University, allow explosives to be delivered remotely to ships in a combat situation. The company boasts that the drones could even be used to destroy a $10-billion dollar aircraft carrier.

In production, the company says, is an energy gun that can be used by police forces worldwide.

Albayraklar Defence’s parent company, Albayraklar Companies Group, is the owner of the pro-government Yeni Şafak newspaper and TVNET television station.