Borgestad, 8 January 2024: Reference is made to the stock exchange announcement
by Borgestad ASA (the "Company" and, together with its consolidated
subsidiaries, the "Group") published on 11 December 2023 regarding the approval
from Bjuv municipality in Sweden of the sale and leaseback agreement  for the
two properties in Sweden where the Group's production plant and other production
facilities for refractory products are located (the "Transaction").

The Company has been informed that a complaint regarding the approval from Bjuv
municipality has been received prior to the expiration of the appeal period. The
complaint relates to the purchase price in the Transaction and that this in the
claimant's opinion significantly exceeds the market value of the two properties.
The complaint will be handled by the Administrative Court in Malmö (the
"Administrative Court").

The approval of the Transaction by Bjuv municipality will only become binding
once the complaint has been finally resolved in the claimant's disfavour, and
the completion of the Transaction is conditional upon such binding approval.

In the Company's view, the probability of the complaint being successful is low.
However, it is currently unknown when the Administrative Court will process the
complaint, and it cannot be ruled out that a decision will not be reached until
after the end of the first quarter of 2024, potentially resulting in a later
completion of the Transaction than previously communicated (even if the
complaint is decided in the claimant's disfavour). If the Administrative Court
rules in favour of the claimant, there is also a risk that the Transaction
cannot be completed.

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.