Housing investment company Sato is planning to issue up to 200 million euros in shares to strengthen its equity ratio, according to the company. This move will provide more financing options for the company, which has the support of its largest shareholder, Balder Finland Otas AB.
On Monday, Sato plans to announce an invitation to an extraordinary general meeting where the board will be authorized to decide on the share issue. The current shareholders have subscription rights of up to 200 million euros gross assets. The proposal to the general meeting states that the maximum number of shares that could be issued under this authorization would be 56,700,000 shares, equivalent to approximately one hundred percent of all Sato’s shares.
The condition for this share issue is that it must be approved at the general meeting by Sato’s shareholders, which will take place on December 11th. Completion of the offering is scheduled for the end of February 2024 and is dependent on market conditions.
As of September 30th, Balder owned 56.3% of Sato’s shares, with Stichting Depositary APG Strategic Real Estate Pool being the second-largest owner with a 22.6% holding. Mutual employment pension insurance company Elo owned 12.7%, and the State Pension Fund held just 4.9%.