Borgestad, 3 June 2024: The annual general meeting of Borgestad ASA (the
"Company") was held today, on 3 June 2024 at 12:00 (CEST), at the Company's
premises in Gunnar Knudsens veg 144, Skien, Norway. 

The annual general meeting resolved, amongst other, to adopt a consolidation of
the Company's shares (reverse share split) in the ratio 40:1 to meet the Oslo
Stock Exchange's requirement of a minimum market value of NOK 1 per share. To
facilitate the share consolidation, the general meeting resolved to increase the
Company's share capital by NOK 9.75 through the issue of 39 new shares, each
with a nominal value of NOK 0.25, in order to obtain a total number of shares
divisible by 40. The Company will issue a separate stock exchange announcement
with the key dates for the share consolidation once such dates have been
determined.

The general meeting also resolved to reduce the nominal value of the Company's
shares NOK 10 to NOK 1 per share through a share capital reduction following the
share consolidation. The share capital reduction may first be completed
following the expiry of a six week creditor notification period, cf. Section
12-6 of the Norwegian Public Limited Companies Act. 

The proposals regarding authorisations to the board of directors to (i) increase
the share capital in connection with financing of further growth, acquisitions
of companies and mergers, and (ii) acquire treasury shares, were not approved.
Furthermore, the proposal to approve a loan to a new Head of M&A,  Investor
Relations and Corporate Development in the Borgestad group was withdrawn as such
position has not yet been filled.  All other proposals on the agenda were
approved with the required majority.

The minutes of the 2024 annual general meeting are attached to this announcement
and will be made available on the Company's website www.borgestad.no.

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.