Article 160 of Companies Law

If it is resolved to increase the capital by offering shares for public subscription, shareholders shall have a preemptive right to subscribe for the new shares in proportion to the shares held by each of them, within fifteen days from the date of their notification thereof, unless the company contract contains a provision stipulating that shareholders waive their preemptive subscription right in advance. A shareholder may assign the preemptive right to another shareholder or to a third party for monetary consideration or without consideration, as agreed between the shareholder and the assignee. The Executive Regulations shall specify the particulars and procedures of notification and assignment.