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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)
KUSILE POWER PROJECT 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 2023 (the Results) released on 25 May 2023.
As stated in the Results the group previously submitted the following provisional claims to the experts:
1. an overarching preliminary and general cost claim of R337 million;
2. a subcontractor overarching preliminary and general cost claim of R194 million;
3. a construction cost claim of R438 million; and
4. a finance cost claim of R171 million.
Therefore, the total of all provisional claims submitted amounts to R1,140 billion.
Shareholders are advised that the following consolidated and updated claims have been submitted to
the experts, replacing the provisional claims as referred to above:
1. a quantum claim of R1,344 billion;
2. a finance cost claim of R270 million; and
3. interest to be calculated in terms of the DAB’s ruling.
Therefore, the total of all consolidated and updated claims submitted, excluding interest, amounts to
R1,614 billion.
In terms of the process as outlined in the Results, the experts will review all claims, draft agreements
and narrow issues of difference for referral to the DAB for a decision.
The group envisages that the DAB will issue its binding decision towards the end of the financial year,
at which point either party may issue a notice of dissatisfaction and refer the dispute to arbitration.
At this stage, the claims must follow due process and so the group’s claims team cannot express a
view on the the value of any potential award. Therefore, these consolidated and updated claims have
not been recognised in the financial statements.
12 September 2023
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited
