Borgestad, 22 May 2024: Borgestad ASA (the "Company ") has, through its
wholly-owned subsidiary Borgestad Industries AB, today entered into a contract
to purchase 4.62% of the shares in Höganäs Borgestad Holding AB from one of the
minority shareholders of said company. 

Höganäs Borgestad Holding AB is the holding company in the Höganäs Borgestad
group, which operates the Company's refractory business. 

The Company currently owns, directly and directly, 64.20% of the shares in
Höganäs Borgestad Holding AB. Following completion of the transaction, which is
expected to take place at the end of May 2024, the Company will, directly and
indirectly, own 68.82% of the shares in Höganäs Borgestad Holding AB. 

An increase in ownership in Höganäs Borgestad Holding AB is considered
beneficial given the Höganäs Borgestad group's financial development over the
past 12 months and the expectations for further improvements in the coming
periods.

For further information, please contact:
Pål Feen Larsen, CEO of Borgestad ASA Tel.: +47 48 84 53 33

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. 

About Borgestad| www.borgestad.no 
Borgestad ASA (OSE:BOR) is an investment company focused on real estate and
industry. The key investments include Agora Bytom shopping center and the
leading refractory manufacturer Höganäs Borgestad.

About Höganäs Borgestad | www.hoganasborgestad.com
Höganäs Borgestad develops, manufactures and delivers refractory products,
installations and turnkey solutions that enhance the productivity and
competitiveness of industrial customers. The aim is to contribute to the
customers' profitability by providing high-value refractory solutions to their
challenges. Today, the company is a leading supplier in the refractory market of
the Nordic countries and has a global presence in a number of selected
application areas.