Housing investment company Sato is planning to issue up to 200 million euros in shares in order to strengthen its equity ratio and gain more financing options. The company’s largest shareholder, Balder Finland Otas AB, supports the share issue and has already authorized the board to make a decision on it.
Sato will hold an extraordinary general meeting on Monday where the board will be able to decide on the share issue. The company’s current shareholders have subscription rights for gross assets of up to 200 million euros, with a proposal at the general meeting stating that a maximum of 56,700,000 shares could be issued under the authorization.
The condition for the share issue is that shareholders grant their proposed authorization at the general meeting, which will take place on December 11th. The offering is expected to be completed by February 24th, dependent on market conditions.
As of September 30th, Balder owned 56.3% of Sato’s shares while Stichting Depositary APG Strategic Real Estate Pool had a 22.6% holding and mutual employment pension insurance company Elo had a 12.7%. The State Pension Fund owned only 4.9%.