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 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 the maximum number of shares to be issued under the authorization is 56,700,000 shares, which is equivalent to about one hundred percent of all the company’s shares.
The condition for the share issue is that Sato’s shareholders grant proposed authorization at the general meeting, which will take place on December 11th. The offering is expected to be completed by the end of February 2024, pending market conditions.
As of September 30th, Balder owned a 56.3% stake in Sato’s shares. The second-largest owner was Stichting Depositary APG Strategic Real Estate Pool with a holding of 22.6%, while mutual employment pension insurance company Elo held 12.7% and the State Pension Fund had a 4.9% stake in Sato’s shares.