Housing investment company Sato is planning to issue a maximum of 200 million euros in shares in order to strengthen its equity ratio and gain more financing options. The proposal to the extraordinary general meeting on Monday states that the number of shares to be issued under the authorization would be a maximum of 56,700,000 shares, equivalent to about one hundred percent of all the company’s shares.
The company’s largest shareholder Balder Finland Otas AB supports the share issue and has already granted its subscription rights for gross assets of up to 20 million euros. The condition of the share issue is that Sato’s shareholders grant the proposed authorization at the general meeting, which will be held on December 11. The offering is scheduled to be completed by the end of February 2024, dependent on market conditions.
At the end of September, Balder owned 56.3 percent of Sato’s shares, while Stichting Depositary APG Strategic Real Estate Pool was the second largest owner with a 22.6 percent holding. Elo, a mutual employment pension insurance company, owned 12.7 and the State Pension Fund owned 4.9 percent of Sato’s shares.