US to get 74% share in TRIPP Development Company, Armenia - 26%

The US will receive a controlling stake in the TRIPP Development Company (operator of the Trump Route), a joint venture with Armenia, reads a joint statement by US Secretary of State Marco Rubio and Armenian Foreign Minister Ararat Mirzoyan on TRIPP, published on the US State Department website, The Daily Baku reports.

"The company is expected to be responsible for the development of the TRIPP and is expected to be granted the right to development for an initial term of 49 years. Armenia intends to offer the United States a 74% share and to hold itself a 26% share in the TRIPP Development Company. This arrangement is expected to be extended for an additional term of 50 years with a grant of additional equity to the government of Armenia bringing its share to 49%.

The change of the TRIPP Development Company"s shareholders (including sale, donation of the shares, merger, demerger, reorganization, or any other legal or factual act) and ultimate beneficial owners is expected to be subject to the prior consent of the Governments of the United States and Armenia," reads the statement.