Koç Holding

Country of Origin


Stock Exchange Listing

Istanbul Stock Exchange

Traded as


Controlled by the Koç Family

Market Value of $13.5 Billion and over $25 Billion in Assets

Last Updated:

Koç Holding, founded in 1926 and owned in large part by the Koç family, is one of Turkey’s largest conglomerates, with companies in the energy, automotive, consumer durables, and finance sectors. Koç Holding companies account for 9 percent of Turkey’s exports and 18 percent of the total market capitalization of the Istanbul stock exchange.[1] On the global stage, Koç ranks in the top 500 of the world’s largest public companies in the Forbes Global 500.[2]

Several Koç subsidiaries are active in Northern Cyprus.


Otokar, a company active in the truck and bus market, is part of Koç Holding’s automotive sector, and Koç owns 45 percent of Otokar shares. Otokar is “the main contractor in the Design and Prototype Development Project of ALTAY, the national battle tank of Turkey.”[3] It is represented in Northern Cyprus by an authorized dealer, Minsan Engineering.[4] In 2015, Otokar participated in the thirty-ninth Northern Cyprus International Fair, presenting its right-hand-drive Sultan bus.[5] Otokar buses and trucks are sold in Turkey, Northern Cyprus, and all over Europe.


Türk Otomobil Fabrikaları Anonim Şirketi (A.Ş.), listed on the Frankfurt Stock Exchange,[6] is another Koç automotive manufacturing company, with Koç holding almost 38 percent of the shares, on par with Fiat Auto S.p.A.[7]    is one of the largest industrial enterprises in Turkey. Tofaş produces cars for Fiat, Citroën, and Peugeot.

The Fiat Turkey website, owned by Koç, lists the Fiat-Northern Cyprus dealer KOMBOS under Turkey’s authorized sales and service locations.[8] KOMBOS, in fact, represents almost the whole range of Koç automotive brands in Northern Cyprus,[9] including Alfa Romeo, Jeep,[10] Mercedes-Benz,[11] and more. The official websites of all these automotive brands refer to KOMBOS as part of their Turkey dealerships and representatives' networks.[12]


Tüpraş is Turkey’s sole oil refiner.[13] In 2005, Koç Holding and Shell bid jointly for 51 percent of the company’s shares.[14] Tüpraş is Turkey’s largest industrial company by revenue.[15]

Tüpraş sells 6 percent of its oil production to Northern Cyprus.[16] In 2009, the Electricity Authority of Northern Cyprus (KIB-TEK), in cooperation with the Turkish Petroleum International Company, imported fuel oil from Tüpraş’s Aliağa-Izmir refinery.[17] In 2013, Tüpraş exported 144,000 metric tons to Northern Cyprus, and in 2014, that number grew to 166,000.[18] Thus Koç, through Tüpraş, plays an absolutely vital role in supporting the Turkish presence in Northern Cyprus.

[1] Reuters, “UPDATE 5-Turkish Billionaire Businessman Koc Dies after Heart Attack,” January 21, 2016, http://www.reuters.com/article/koc-holding-chairman-idUSL8N155158.

[2] Forbes, “The World’s Biggest Public Companies: The List,” https://www.forbes.com/global2000/list/#search:Koc.

[3] Otokar, “About Us,” https://www.otokar.com/en-us/corporate/aboutotokar/Pages/about.aspx.

[4] Radikal, “Otokar’s European Expansion Continues,” June 30, 2015, http://www.radikal.com.tr/otomotiv/otokarin-avrupa-acilimi-suruyor-1387496/.

[5] Radikal, “Otokar’s European Expansion Continues,” June 30, 2015, http://www.radikal.com.tr/otomotiv/otokarin-avrupa-acilimi-suruyor-1387496/.

[6] Borse Frankfurt, “Price History TOFAS Tuerk Otomobil Fabrikasi A.S.,” http://en.boerse-frankfurt.de/stock/pricehistory/TOFAS_Tuerk_Otomobil_Fabrikasi-share/FSE#Price History.

[7] Tofaş, 2015 Annual Report, pp. 66–68. http://www.tofas.com.tr/en/Investor/Subsidiaries/66-68_TOFAS_2015ENG.pdf.

[8] FIAT, “Fiat Authorized Sales,” http://www.fiat.com.tr/hizmetagi/Sayfalar/YetkiliSaticilar.aspx.

[9] FIAT Kombos, “Contact,” http://kombos.fiatbayi.com.tr/.

[10] Kombos Automotive, Alfa Romeo, Jeep, Homepage, http://kombos.lajbayi.com/.

[11] Mercedes Benz Kombos, Homepage, http://www.kombosarabam.com/.

[12] Jeep, “Authorized Dealers” http://www.jeep.com.tr/yetkilisaticilar.html; Alfa Romeo, Homepage,


[13] Tüpraş Official LinkedIn page, https://www.linkedin.com/company-beta/96085/.

[14] ICIS, “Koc/Shell Group Wins Tupras Tender with $4.14bn Bid,” September 12, 2005,


[15] Tüpraş Official LinkedIn page, https://www.linkedin.com/company-beta/96085/.

[16] Tüpraş, Corporate Responsibility Report 2014, p. 6, https://www.tupras.com.tr/uploads/cr_en/1.pdf;

Insurance News Net, “Turkiye Petrol Rafinerileri Anonim Sirketi (TUPRAS) – Financial and Strategic Analysis Review,” March 4, 2010, http://www.insurancenewsnet.com/oarticle/Turkiye-Petrol-Rafinerileri-Anonim-Sirketi-TUPRAS-Financial-and-Strategic-An-a-168668.

[17] Turkish Petroleum International Company, Projects, http://www.tpic.com.tr/en/projects/oil-trading/.

[18] Axelrod Energy Projects LLC, Turkey’s LSFO Imports on the Rise while HSFO Exports Set to Disappear, July–August 2015, p. 16, http://qbtei.com/cms/uploads/jul-aug-2015-in-markets-turkeys-lsfo-imports-on-the-rise-while-hsfo-exports-set-to-disapear.pdf.

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