According to article 593 of the OHADA Law of 2014, shareholders
may individually renounce their pre-emptive subscription rights in
favor of designated individuals. They may also renounce this right
without naming beneficiaries.
The shareholder who renounces his pre-emptive subscription
right must notify the company by hand-delivered letter against a
a receipt or by registered mail with a request for acknowledgment of
receipt, before the expiration of the period of the opening of the
The renunciation without mention of beneficiaries must be
accompanied, for bearer shares, by matching coupons or a
certificate from the securities depository recording the
shareholder’s renunciation.
The renunciation made in favor of designated beneficiaries must
be accompanied by the acceptance of the said beneficiaries.
New shares renounced by the shareholder without naming the
beneficiaries may be subscribed for as reducible under the
conditions outlined in article 576 of the law or, where appropriate,
distributed among the shareholders or offered to the public under
the conditions outlined in article 579 of the same law.
However, where the renunciation has been notified to the
company no later than on the date the decision to increase the
the capital was executed, matching shares shall be made available to
other shareholders to exercise their pre-emptive
subscription rights on an irreducible basis and, where appropriate,
on a reducible basis.

Where the shareholder renounces to subscribe to the increase of
capital in favor of designated individuals, his rights are assigned
to them, on an irreducible basis and, where appropriate, on a
reducible basis.

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