Sato, a housing investment company, is planning to issue up to 200 million euros in shares to strengthen its equity ratio and gain more financing options. The share issue is supported by the company’s largest shareholder, Balder Finland Otas AB.
To make this happen, Sato will announce an invitation to an extraordinary general meeting on Monday, where the board will be authorized to decide on the share issue. The company’s current shareholders have subscription rights of up to 200 million euros gross assets. The proposal states that a maximum of 56,700,000 shares can be issued under the authorization, equivalent to around one hundred percent of all the company’s shares.
The condition for the share issue is that Sato’s shareholders grant the proposed authorization at the general meeting, which will take place on December 11. The offering is expected to be completed by the end of February 2024 depending on market conditions.
At the end of September, Balder owned 56.3% of Sato’s shares while Stichting Depositary APG Strategic Real Estate Pool was the second-largest owner with a 22.6% holding. Elo mutual employment pension insurance company owned 12.7%, and the State Pension Fund had a 4.9% stake in the company’s shares.