Inside information: SATO Corporation is planning a share issue of up to EUR 200 million to strengthen its equity ratio
The share issue is aimed at strengthening SATO’s (the “Company”) equity ratio. The share issue gives the Company the opportunity to use more financing options. The share issue is supported by the Company’s main shareholder Balder Finska Otas Ab (Fastighets Ab Balder).
The Company will today publish its notice to convene an Extraordinary General Meeting (“EGM”) for the purpose of authorizing the Board of Directors to resolve on a share issue (the “Offering”) with pre-emptive subscription rights for the Company’s existing shareholders to raise gross proceeds of up to EUR 200 million. According to the proposal to the General Meeting, the number of shares to be issued based on the authorization would be a maximum of 56 700 000 shares, which corresponds to approximately 100 percent of all the Company's shares.
The Offering will be conditional on the shareholders of the Company granting the authorization sought at the EGM to be held on 11 December 2023. The Offering is expected to be completed by the end of February 2024, subject to market conditions.
For media enquiries please contact:
SATO Corporation
Erik Selin, Chairman of the Board of Directors, phone +46 (0)31-10 95 92, email erik.selin@balder.se
SATO Corporation is an expert in sustainable rental housing and one of Finland’s largest rental housing providers. SATO owns around 25,000 rental homes in the Helsinki Metropolitan Area, Tampere and Turku.
SATO aims to provide an excellent customer experience and a comprehensive range of urban rental housing alternatives with good access to public transport and services. We promote sustainable development and work in open interaction with our stakeholders. SATO invests profitably, sustainably and with a long-term view. We increase the value of our assets through investments, divestments and repairs.
In 2022, SATO Group’s net sales totalled EUR 291.2 million, operating profit EUR 198.9 million and profit before taxes EUR 151.9 million. The value of SATO’s investment properties is around EUR 5 billion. www.sato.fi
