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Kusile Power Project and Facility with Standard Bank update
Stefanutti Stocks Holdings Limited
(Registration number 1996/003767/06)
Share code: SSK ISIN: ZAE000123766
(Main Board – General Segment)
(Stefanutti Stocks or the group)
KUSILE POWER PROJECT AND FACILITY WITH STANDARD BANK UPDATE
Stefanutti Stocks hereby provides shareholders with an update on the Kusile power project as reported in the
Reviewed Condensed Consolidated Results of Stefanutti Stocks for the 12 months ended 28 February 2025
released on 27 May 2025 and the SENS announcement dated 17 October 2025, and an update on the Facility
with Standard Bank as reported in the SENS announcement dated 31 October 2025.
With respect to the Dispute Adjudication Board's award for Claim 5 amounting to R685 million (excluding VAT),
Eskom issued a notice of dissatisfaction and indicated that they intended to have the award set aside in totality
by the High Court of South Africa. If successful, Claim 5 would be referred to arbitration, thereby recommencing
the entire claims process.
As stated in the SENS announcement released on 17 October 2025, the Contract provides for amicable
settlement prior to the commencement of an arbitration process. Consequently, after careful deliberation, the
Board of Stefanutti Stocks considered it appropriate to approach Eskom with a view to reaching a settlement
with respect to Claim 5, Claim 6 and Eskom's delay damages claim for late completion. Subsequently,
Stefanutti Stocks and Eskom on 24 November 2025 signed a full and final settlement agreement for an amount
of R580 million (excluding VAT) (Settlement Agreement), which constitutes a mutual release of any and all
actual or potential claims, disputes, or entitlements either party may have against the other arising or in
connection with the contract. In terms of the Settlement Agreement, Eskom must pay the total amount by
12 December 2025.
In terms of the Facility with Standard Bank, Stefanutti Stocks will, by the end of February 2026, apply at least
80% of the proceeds from the settlement against the outstanding Facility.
Johannesburg
24 November 2025
Sponsor: Bridge Capital Advisors Proprietary Limited
Date: 24-11-2025 12:10:00
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