Altınay Defense is set to produce critical subsystems for Türkiye’s domestically-built I-class frigates under a recently signed contract with the Turkish Naval Forces Command (DzKK) and the defense company.
The company informed Public Disclosure Platform (KAP) about the EUR 10,750,000.00 contract for "Critical Subsystems" to be used in Turkish Naval Forces Command Navy's "I-Class" ships, part of the "Naval Systems Programs."
Deliveries are scheduled between 2025 and 2027, as detailed in their statement on Thursday.
The I-class frigates are integral to Türkiye's National Ship (MILGEM) project, focusing on indigenous warships such as corvettes and frigates. The first I-class frigate, Istanbul frigate, launched on Jan. 23, 2021.
Altınay Defense Technologies recently entered the demand collection process during its initial public offering (IPO) on May 8-9-10, marking a significant step towards institutionalization.
Following substantial interest with TL 3.6 million in individual applications, the public offering raised approximately TL 1.9 billion.
Altınay Defense, known for its involvement in critical projects like the Altay tank and national fighter aircraft KAAN, aims to leverage IPO proceeds for growth. Half will fund new facilities and production technologies, with the remainder allocated to R&D, P&D, global sales and marketing networks, bolstering working capital, financial debt repayments, and potential company acquisitions or partnerships.
