Housing investment company Sato is planning to issue a maximum of 200 million euros in shares to strengthen its capital ratio and increase financing options. The company’s largest shareholder, Otas AB, supports the move.
On Monday, Sato will announce a call for an extraordinary general meeting, at which the board will be authorized to decide on the issuance of shares. Current shareholders have the right to subscribe to collect gross assets of up to 200 million euros. The proposal states that the number of shares issued by authorization will be a maximum of 56,700,000 shares, which corresponds to about one hundred percent of all company shares.
The issuance of shares is subject to certain conditions. Firstly, shareholders must give their authorization at the general meeting, which will be held on December 11th. Completion of the offer is scheduled for the end of February 2024, subject to market conditions.
At the end of September, Balder owned 56.3% of Sato’s shares. The second-largest owner was Stichting Depositari APG Strategic Real Estate Pool with a 22.6% stake, joint pension insurance Elo owned 12.7% and the State Pension Fund owned 4.9%.