Sato, a housing investment company, is planning to issue up to 200 million euros in shares in order to increase its equity ratio and provide more financing options. The company’s largest shareholder, Balder Finland Otas AB, supports the move.
At an extraordinary general meeting on Monday, Sato will announce an invitation for the board to decide on the share issue. The company’s current shareholders have the right to collect gross assets of up to 200 million euros under this proposal. The offer states that no more than 56,700,000 shares can be issued, which is equivalent to about one hundred percent of all Sato’s shares.
To proceed with the share issue, Sato’s shareholders must grant authorization at the general meeting held on December 11. If approved, the offering will be completed by the end of February 2024 and is dependent on market conditions.
As of September 30th, Balder owned 56.3% of Sato’s shares while Stichting Depositary APG Strategic Real Estate Pool was the second-largest owner with a holding of 22.6%. Elo owned 12.7%, and the State Pension Fund had a stake of just over 4%.