Turkish insurance fund to sell army vehicle manufacturer BMC

Turkish truck and bus manufacturer BMC is up for sale by The Savings Deposit Insurance Fund for US$440 million.

Turkish insurance fund to sell army vehicle manufacturer BMC

World Bulletin / News Desk

Turkish truck and bus manufacturer BMC, a known producer of mine-resistant vehicles for the Turkish Armed Forces, is up for auction by the Savings Deposit Insurance Fund (TMSF) with an estimated value of US$440.3 million, according to a declaration in Turkey's Official Gazette on Tuesday.

The auction will be held on April 10, 2014, and those who wish to take part in the auction, need to submit a US$44 million bond.

The declaration says that initial bids will be submitted in sealed envelopes and a committee will then decide the companies eligible to proceed to the next round. The final phase will determine the winner through open bidding.

BMC was seized by the fund from Cukurova Holding along with several other companies in 2013 to collect on the US$455.3 million debt that Cukurova Holding owes to the TMSF.

Last Mod: 05 Şubat 2014, 16:59
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