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Feb 09, 2014

A Revised Uniform Companies Code for the 17 African Countries of Ohada

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A revised companies code was adopted by Ohada on 30 January 2014 (The Uniform Act on Commercial Companies and Economic Interest Groups; the “Revised Code”). The Revised Code adds tailwind to a fast developing market and further incentivizes investors, including private equity investors, to enter the dynamic African markets.

The Revised Code addresses investors’ concerns regarding the somewhat dated and inflexible previous code by allowing the formation of “SAS” companies with their simplified and more flexible governance, and the conduct of meetings by video. More sophisticated shares and securities have also been further developed, like share classes with varied dividend, voting and other rights, as well as convertible and subordinated bonds.

Above all, the Revised Code clarifies many important provisions and reduces ambiguities, including the stipulation that shareholder agreements are now expressly permitted.

View full memo, A Revised Uniform Companies Code for the 17 African Countries of Ohada

Authors and Contributors

Nicholas Buckworth

Partner

Project Development & Finance

+44 20 7655 5085

+44 20 7655 5085

London

Laurence Levy

Partner

Mergers & Acquisitions

+44 20 7655 5717

+44 20 7655 5717

London

Cynthia Urda Kassis

Partner

Project Development & Finance

+1 212 848 7969

+1 212 848 7969

New York

Marwan Elaraby

Partner

Capital Markets

+971 4 249 2123

+971 4 249 2123

+971 2 410 8123

+971 2 410 8123

Dubai

Bill McCormack

Partner

Project Development & Finance

+65 6230 3877

+65 6230 3877

Singapore

Xiaogang (Sean) Wang

Partner

Project Development & Finance

+852 2978 8002

+852 2978 8002

+86 10 5922 8168

+86 10 5922 8168

Hong Kong

Regional Experience