Second-generation conglomerate Doğan started out in the auto industry and now operates in several sectors




Second-generation conglomerate Doğan Holding started out in the automotive industry and now operates in several sectors. The company is optimistic about growth, but the delicate political situation in Turkey means the future won’t be without its difficulties.

In a little over 50 years, Doğan has become one of Turkey’s largest conglomerates – a country which is not short of big family-controlled companies. The company was founded in 1961 by Aydın Doğan (pictured), who started out in the automotive industry. In 1979 Doğan acquired its first national newspaper, which was followed by the purchase of TV and radio stations. It now has interests in seven sectors – energy, retail, financial services, tourism, media, heavy industry and automobile parts, and operates in 17 different countries. Aydın’s four daughters now head the company. For the past 10 years they have been running a company-supported anti-domestic violence campaign in Turkey.X-FACTOR

Aydın, now 77, still acts as the group’s honorary chairman, but his third daughter, Begümhan Doğan Faralyalı is the official chair – taking the job in 2012 after a long apprenticeship working on the company’s various international expansion initiatives. Non-family member Yahya Üzdiyen has been chief executive since 2011, overseeing revenue increases of 10% between 2011 and 2012. For the future, the company is focusing on media and energy to drive growth. The family are still the business’s main shareholders, with Aydın holding a little over 10% of the shares independently, the family owning a 4.4% stake outright, and 52.7% held in a family-controlled investment vehicle.

The secular outlook of many of Turkey’s business dynasties have put them at odds with the Islamist government. Doğan and fellow family business Koç Holding were recently accused of backing the 1997 overthrow of the country’s first Islamist-led coalition. Many senior military leaders are currently on trial for their role in what was dubbed a “post-modern coup”, where the army didn’t intervene directly but were suspected of forcing then prime minister Necmettin Erbakan to resign. Current prime minister Recep Tayyip Erdoğan, of the Justice and Development party, was a member of Erbakan’s Welfare party at the time of the coup. The uncertainty caused by the accusations hit the share prices of both Doğan and Koç.




TL 3,157 billion

10% from 2011


About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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