Reference is made to the stock exchange announcement from Borgestad ASA (the
"Company") on 20 December 2023 regarding the final result of the subsequent
offering and the issuance of 250,000,000 new shares (the "Subsequent Offering").
Following the issuance of the new shares in the Subsequent Offering, the
Company's share capital will be NOK 350,620,710.25, divided into 1,402,482,841
shares. 

Kontrari AS, a company controlled by Frode Teigen, owns 325,000,000 shares in
the Company and will, after registration of the shares issued in connection with
the Subsequent Offering, reduce its share of the Company's share capital and
votes from approximately 28.20% to approximately 23.17%. Neither Kontrari AS nor
any other companies consolidated with Frode Teigen have any other rights to
shares in the Company. 

SES AS, a company controlled by Bertel O. Steen, owns 209,408,501 shares in the
Company. In addition, Bertel O. Steen holds 3,133 shares in the Company,
resulting in a consolidated holding of 209,411,634 shares in the Company. After
registration of the shares issued in connection with the Subsequent Offering,
they will reduce their consolidated share of the Company's share capital and
votes from approximately 18.17% to approximately 13.93%. Neither SES AS nor any
other companies consolidated with Bertel O. Steen have any other rights to
shares in the Company. 

This announcement is subject to disclosure requirements pursuant to the
Securities Trading Act section 4-2.

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 | https://hoganasborgestad.com/

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© Oslo Bors ASA, source Oslo Stock Exchange