Aselsan Rises to Record High in Istanbul on Jordan Venture

Aselsan Elektronik Sanayi & Ticaret AS (ASELS), a Turkish defense electronics contractor, rose to the highest level on record after saying it signed an accord with Kaddb Investment Group to establish a joint venture company in Jordan.

Aselsan advanced 1.4 percent to 10 liras, rising for a fourth day and closing at the highest level since the shares were listed in January 1995.

Kaddb will have a 51 percent stake and Aselsan 49 percent in the partnership, which will be set up in the first half of this year in Jordan, Aselsan said in a statement to the Istanbul Stock Exchange today.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Selcuk Gokoluk at sgokoluk@bloomberg.net

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