ROFR — Right of First Refusal / Hak Mendahului

The right of existing shareholders to buy shares before an outsider can. A shareholder who wants to sell must first offer the shares to the others; only if they decline within the window may the shares go to a third party.

Where it appears

articles of association Article 7(3)–(4) sets the statutory route with a 3-day window. shareholders agreement Article 1 repeats it contractually with the same 3 days as the Matching Right.

Why it matters

It is the reason no stranger can appear on the register without the existing shareholders having had first refusal — and the reason the option package in president director §6 needs the window to pass before shares reach the President Director.

Part of the pack's vocabulary.