Turkish car leasing firm reclaims stake from Japanese Mitsubishi

Intercity, one of Turkey's largest car leasing companies, has repurchased 47 percent of its stocks from Japan's Mitsubishi Group.

With the repurchase of the stocks, Intercity once again became a 100 percent domestic company.

The Japanese industrial giant had acquired part of the Turkish car rental company in 2008 when the two sides agreed to invest around $3 billion in Turkey's rental car market over a period of four years.

The repurchased shares went to Intercity founder Vural Ak, according to the Turkish language daily, Dünya.

The share repurchase process was initiated last summer and was completed recently.

Following the deal, Ak said, "Intercity has regained its ‘national and domestic' title."

Intercity operates a fleet of 36,000 vehicles as of this June. It aims to increase its revenue to TL 4 billion ($645.76 million) and its profit to TL 250 million by 2020.

Ak added that the company has assets worth TL 3.255 billion. "If we achieve our target of 60,000 vehicles by the end of 2020, we will increase the total assets of our company to TL 9 billion and our own resources to TL 1.9 billion."