Process update

With reference to the stock exchange notices of 1 September 2024 and 2 October 2024, the Board of Directors (“BoD”) of Scana ASA (“Scana” or the “Company”) provides the following update regarding the intention to launch a voluntary offer by MIG Finance Namibia (Pty) Ltd. (“MIG”) to purchase the shares in Scana: Since the receipt of the offer letter, the BoD and the management of Scana have actively engaged in discussions and sought clarification concerning MIG’s financing for the potential purchase of shares. As of now, no confirmation has been received that the required financing is in place.  

Furthermore, while the Letter of Intent (LOI) with MIG concerning the purchase of the capping stack (announced in the stock exchange notice of 1 September 2024), remains valid, Scana’s subsidiary PSW Technology AS has yet to receive the agreed prepayment of 10%. As a result, PSW Technology AS will continue marketing the capping stack for rental and/or sale.  

Going forward, the Company’s main strategic priority is the completion of the ongoing strategic review for PSW Power & Automation AS (previously communicated in the stock exchange notice of 21 August 2024). The Company expects this process to be concluded within the first half of 2025. A significant portion of the proceeds from a potential sale will be considered for distribution as dividends to the shareholders of Scana.  

The Company will continue to explore and develop the market opportunities identified for Scana in Namibia alongside the development of the remaining companies. The ongoing initiatives and processes are aimed at creating a secure foundation for value generation, in line with the Company’s strategic goals.