In an effort to strengthen its equity ratio, housing investment company Sato has announced plans to issue a maximum of 200 million euros in shares. This move would provide the company with more financing options at its disposal, according to the company. The share issue is supported by Sato’s largest shareholder, Balder Finland Otas AB.
Sato will hold an extraordinary general meeting on Monday to authorize the share issue. Under this authorization, current shareholders have subscription rights to collect gross assets of up to 200 million euros. The proposal 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 condition for the share issue is that shareholders grant the proposed 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 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 and State Pension Fund owned 12.7 and 4.9 percent of Sato’s shares respectively.