Turkey's state-run Savings Deposit Insurance Fund (TMSF) has announced the sale of one of the country's largest textile manufacturers formerly owned by the Boydak family. The sale is part of the TMSF's ongoing liquidation of assets seized following the failed coup attempt in 2016.
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Key details of the sale of the company, Boyteks Tekstil, include:
- Valuation: 14.3 billion Turkish lira (~$329 million)
- Participation requirements: 700 million lira guarantee (~$16 million), plus fees for tender documents and data access
- Deadline: Sealed bids by March 30, 2026; open auction March 31, 2026, at TMSF's İstanbul headquarters
Boyteks now operates under Erciyes Anadolu Holding, formed after the Boydak family's businesses were confiscated. The Boydaks, previously influential in furniture, textiles, energy, and banking, were targeted due to alleged ties to the Gülen movement, which the Turkish government has designated as a terrorist organisation. Key executives remain in prison with long sentences upheld by the Supreme Court of Appeals.
This sale follows other TMSF liquidations, including HES Kablo (cable producer) and Bellona (furniture company), reflecting the state's continued divestment of assets seized after the 2016 coup attempt.
The TMSF's sales process combines sealed bids and an open auction, emphasizing both transparency and competitiveness in acquiring formerly Boydak-owned companies.
Source: www.turkishminute.com
