Housing investment company Sato is planning to issue up to 200 million euros in shares in order to strengthen its equity ratio and gain more financing options. The company’s largest shareholder, Balder Finland Otas AB, supports the move.
Sato intends to hold 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 to collect gross assets of up to 200 million euros. According to a proposal presented at the meeting, Sato plans to issue a maximum of 56,700,000 shares, equivalent to about one hundred percent of all the company’s shares.
However, before this can happen, shareholders must grant authorization at the general meeting scheduled for December 11th. The offering is set to be completed by the end of February 2024 depending on market conditions.
As of September 30th, Balder owned 56.3% of Sato’s shares while Stichting Depositary APG Strategic Real Estate Pool held 22.6%. Elo mutual employment pension insurance company and State Pension Fund had a holding of 12.7% and 4.9%, respectively