STEFANUTTI STOCKS HOLDINGS LIMITED - Update Project Arbitration Award

Update Project Arbitration Award

Stefanutti Stocks Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/003767/06)
Share code: SSK        ISIN: ZAE000123766
(Stefanutti Stocks or the group)


UPDATE PROJECT ARBITRATION AWARD


Stefanutti Stocks hereby provides shareholders with an update with respect to the Arbitration relating
to a contractual claim on the construction of the Kalabo-Sikongo-Angola border gate road in the
Western Province of Zambia as reported on the Stock Exchange News Service and in the Reviewed
Condensed Consolidated Results of Stefanutti Stocks for the 12 months ended 28 February 2023 (the
Results) released on 30 November 2022 and 25 May 2023, respectively.


As mentioned in the Results, the client applied to set the Arbitral Tribunal award (the Award) aside.
Shareholders are hereby advised that on 4 October 2023, the Judge issued his ruling stating that the
client’s application to set the Award aside is dismissed with costs.

Stefanutti Stocks and its joint venture partner will now apply to the Zambian courts to have the Award
made an Order of Court to enforce its rights to commence proceedings to recover the quantum
stipulated in the Award. However, uncertainty still exists with respect to the timing and quantum of
receipts. As soon as Stefanutti Stocks has better insight and understanding as to quantum and timing
of receipts, shareholders will be advised accordingly. As a consequence, the Award has not been
recognised in the financial statements.




4 October 2023
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 04-10-2023 02:00:00
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