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Redemption Rights

If the owner of an A share intends to transfer it to a B share owner or a new owner external to the company, the recipient must immediately notify the board of the company. In these cases, the A share owners have the right of pre-emption to redeem the share with the following conditions:

The right of redemption does not apply to transfers due to inheritance, will or merger.

If several shareholders want to exercise their right of pre-emption, the board will divide the shares among the shareholders in proportion to the numbers of shares owned. If this method leaves some shares undistributed, the remaining shares are to be distributed among the willing shareholders via a lottery.

The redemption price is the price agreed between the transferor and the recipient. If no compensation has been agreed on for the transfer, the price is the one based on the last closing of accounts.

The board must notify the shareholders of such a transfer within two weeks from the report of transfer. The notification must be in writing, and the issue of notification must be provable. The notification must include the redemption price, and the last date of redemption.

The shareholders must present their redemption claim in writing within one month from the date when the transfer of the share was first reported to the board.

The redemption price must be paid to the transfer receiver in cash or with a bank-certified cheque within two weeks of making the redemption claim, or it must be filed for the debt recovery process holder within the said time.

Disputes pertaining to the right of redemption and the redemption price must be submitted to be processed by arbitrators as stipulated by the law on arbitration