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

Notice of the annual general meeting, including agenda, proposed resolutions,
registration form, a form of proxy and other relevant documents, is enclosed
hereto. The annual report for 2023 is available at the Company's website:
www.borgestad.no.

The agenda includes a proposal for 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 board of directors also proposes a small increase of
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.

Provided that the share consolidation is resolved by the general meeting, the
Company will issue a separate stock exchange announcement with the key dates for
the share consolidation once such dates have been determined.

The agenda also includes a proposal that the nominal value of the Company's
shares following the share consolidation shall be reduced from NOK 9 to NOK 1
per share through a share capital reduction, in order to obtain a more
appropriate ratio between the nominal value and other paid-in capital for the
Company's shares. 

Reference is made to the notice of the annual general meeting for further
information about the above-mentioned proposals, as well as the other items on
the agenda. 

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.