New status for BMC with Qatar association

Another company was granted the status of “foreign trade capital company” by the Ministry of Commerce.

The Ministry Decree on Foreign Trade Capital Companies was published in the Official Gazette and entered into force.

BMC Otomotiv Sanayi ve Ticaret AŞ joined a total of 83 companies that were granted “foreign trade capital company” status this year with the decision.

Thus, the number of companies that were granted the status of foreign trade capital company increased to 84.

Ethem Sancak, which bought armored car and truck maker BMC from SDIF in 2014 and sold half to Qataris and 25 percent to the Öztürk family, had also zeroed out its remaining shares in 2021. Tosyalı Holding, which acquired shares of Öztürk together with Sancak, became the new important partner of BMC.

WHAT IS THE FOREIGN TRADE CAPITAL SITUATION?

Companies with foreign trade capital are defined as companies that mainly benefit from state aid for the development and promotion of the country’s exports and the increase of their market share.

This status is granted to joint-stock companies whose capital has been paid in at least 2 million TL and whose customs declaration has been at least 100 million USD or its equivalent in the previous calendar year.

ETHEM SANDAK, QATAR ARMY AND TOSYALI HOLDING…

stands for ‘British Motor Company’ BMC, founded in 1964; It had become one of the largest manufacturers of commercial and military vehicles in Turkey.

The Company was transferred to the Savings Deposit Insurance Fund (TMSF) in May 2013 due to Çukurova Holding’s debts derived from Interbank; In 2014, Ethem Sancak bought the entirety from SDIF for 751 million Turkish liras.

Immediately after the acquisition, the Sancak family transferred 49.9 percent of the company to the Qatari military for $300 million and became a partner in BMC.

Subsequently, Ethem Sancak sold 25.1 percent of its remaining shares to Talip Öztürk. Thus, 25 percent of the shares of BMC remained in the hands of the Sancak family.

However, after Fuat Tosyalı aspired to BMC in recent years, the negotiations were completed, and according to information from the Trade Register Gazette, a total of 50.1 shares of the Sancak and Öztürk families were transferred to Tosyalı Holding.

The sale price was reportedly $480 million. While the Sancak and Öztürk families had no shares, Tosya Holding became the main shareholder of BMC.

The Qatari partners, who in 2014 bought 49.9 percent of BMC for $300 million, have not changed their place in management. (SOZCU, AA)