Housing investment company Sato is planning to issue a maximum of 200 million euros in shares to strengthen its equity ratio and provide more financing options. The company’s largest shareholder, Balder Finland Otas AB, has given its support for the share issue.
Sato is expected 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. According to the proposal, a maximum of 56,700,000 shares will be issued under the authorization, which is equivalent to about one hundred percent of all Sato’s shares.
The condition for this share issue is that Sato’s shareholders must grant their authorization at the general meeting, which will take place on December 11th. The offering is scheduled to be completed by the end of February 2024, subject to market conditions.
At present, Balder owns 56.3% of Sato’s shares, with Stichting Depositary APG Strategic Real Estate Pool holding 22.6%, Elo owning 12.7%, and the State Pension Fund owning 4.9%.