Housing investment company Sato is considering issuing new shares worth up to €200 million in order to increase its equity ratio. The move will provide more financing options for the company and is supported by its largest shareholder, Balder Finland Otas AB.
Sato plans to hold an extraordinary general meeting on Monday to seek authorization from its current shareholders for the share issue. Under this authorization, the number of shares that can be issued is a maximum of 56,700,000, equivalent to about 100% of all outstanding 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 expected to be completed by the end of February 2024, subject to 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 22.6% stake. Elo and the State Pension Fund were also significant shareholders with holdings of 12.7% and 4.9%, respectively.