A private company can transfer shares in accordance with its articles of association and applicable laws and regulations. 

The transfer of shares in a private company generally involves the following steps:

1. The shareholder who wishes to transfer the shares must first obtain the consent of the company's board of directors.
2. The shareholder must then offer the shares to existing shareholders in the company. This is known as the pre-emption process.
3. If existing shareholders decline to purchase the shares, the shareholder may then offer them to third parties. The company's articles of association may contain restrictions on who can hold shares in the company.
4. The transfer of shares must be documented in a share transfer agreement, which sets out the terms and conditions of the transfer.
5. The transfer of shares must be registered with the company, which involves updating the share register and issuing new share certificates to the new shareholder.

It is important to note that the transfer of shares in a private company may be subject to certain legal and tax considerations, and it is advisable to seek professional advice before proceeding with a share transfer.