Sato, a housing investment company, is planning a share issue of up to 200 million euros to strengthen its equity ratio and have more financing options available. The company’s largest shareholder, Balder Finland Otas AB, supports the share issue. Sato will announce the invitation to an extraordinary general meeting where the board will be authorized to decide on the share issue. Current shareholders will have subscription rights to collect gross assets of up to 200 million euros.
The proposal to the general meeting states that the number of shares to be issued under the authorization would be a maximum of 56,700,000 shares, which is about one hundred percent of all the company’s shares. The condition of the share issue is that the company’s shareholders grant the proposed authorization at the general meeting, scheduled for December 11.
Balder owned 56.3 percent of Sato’s shares at the end of September, making it the largest shareholder. The second largest owner, with a 22.6 percent holding, was Stichting Depositary APG Strategic Real Estate Pool. Mutual employment pension insurance company Elo owned 12.7 and the State Pension Fund 4.9 percent of the shares.
The share offering is scheduled to be completed by the end of February 2024, subject to market conditions.