Reference is made to the stock exchange announcement by Borgestad ASA (the
"Company" and, together with its consolidated subsidiaries, the "Group")
published on 27 October 2023 regarding the conditional agreement entered into
with Bjuv municipality in Sweden for the sale and leaseback of two properties in
Sweden, where the Group's production plant and other production facilities for
refractory products are located (the "Transaction"), the stock exchange
announcement published by the Company on 11 December 2023 regarding the approval
of the Transaction by Bjuv municipality, and the stock exchange announcement
published by the Company on 8 January 2024 regarding a compliant over said
approval.

The complaint relates to the purchase price in the Transaction, which in the
claimant's opinion significantly exceeds the market value of the two properties.


The Administrative Court in Malmö (the "Administrative Court") has now processed
the complaint. According to the Administrative Court, Bjuv municipality has not
provided sufficient documentation regarding the valuation of the two properties.
As a result, the Administrative Court has decided to revoke Bjuv municipality's
approval of the Transaction. 

The Company has been informed that Bjuv municipality will appeal the
Administrative Court's ruling. 

As stated in the stock exchange announcement published on 8 January 2024, Bjuv
municipality's approval of the Transaction 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.
Consequently, the Transaction can only be completed if the Administrative
Court's ruling is overturned (i.e. not upheld) in the appeal process. 

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

or

Bendik Persch Andersen, Head of M&A, Corporate Development and Investor
Relations in Borgestad ASA 
Tel.: +47 98 83 67 27

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. 

This stock exchange announcement was published by Pål Feen Larsen, CEO of
Borgestad ASA, on 4 March 2025 at 06:15 CET on behalf of the Company.

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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.