Stovec Industries Ltd appointed Theodorus Dominicus Bartholomeus Maria Kortekaas as an Additional Director in the category of Non-Executive Non-Independent Director. The appointment was approved by the Board of Directors at a meeting held on September 25, 2026.

The appointment is effective immediately but remains subject to shareholder approval. Under SEBI Listing Regulations, this approval must be sought within three months from the date of appointment. Mr. Kortekaas will be liable to retire by rotation as per the Companies Act, 2013.

Professional Background

Mr. Kortekaas brings extensive experience in finance and management from the Netherlands-based printing industry. He currently serves as the Chief Financial Officer (CFO) and Member of the Executive Board of SPGPrints B.V. His academic background includes a degree in Environmental Economics from Wageningen University.

His career trajectory includes significant roles at major firms:

• Ernst & Young (E&Y): Started as a Manager, including a two-year tenure with E&Y in Canada.
• Oce N.V.: Held senior finance roles such as Audit Manager, Cash Controller, and CFO of Lunaris.
• SPGPrints B.V.: Joined as Controller in 2010, progressing to Group Controller and subsequently CFO.

He has over 16 years of experience with the SPGPrints Group across finance, controlling, and management functions.

Disclosure Details

The company confirmed that Mr. Kortekaas is not debarred from holding office of Director by virtue of any SEBI order or any other authority. Furthermore, he does not have any inter-se relationship with any other Director of Stovec Industries Limited.

The Board meeting commenced at 3:15 pm and concluded at 4:00 pm. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Promoter group entity Print Holdings B.V. has disclosed an encumbrance on the shares of Stovec Industries promoter Print I B.V. The disclosure, filed with BSE Limited on August 10, 2026, stems from a Shareholders’ and Subscription Agreement (SHA) dated February 26, 2025.

The encumbrance affects 71.06% of the total share capital of Stovec Industries, corresponding to 14,83,777 equity shares held indirectly through the promoter SPG Prints B.V. Print I B.V., the holding company of SPG Prints, is a subsidiary of Print Holdings B.V.

Encumbrance Details

The SHA was executed between Print I’s lenders, represented by Magenta Holding B.V., and its shareholders, including Print Holdings B.V. and SPG MIP Invest B.V. The agreement is part of corporate and debt restructuring arrangements within Print I.

Under the terms of a senior facilities agreement, lenders converted a portion of outstanding loans into 647,059,000 equity shares of Print I. These shares are now held through Magenta Holding B.V.

The SHA imposes specific rights and restrictions:

• Print Holdings B.V. has agreed to share transfer restrictions with Magenta Holding B.V. regarding its stake in Print I.
• A general restriction on the transfer of shares in Print I applies, subject to exceptions such as drag-along and tag-along rights.
• Magenta Holding B.V. holds the option to take full control of Print I, subject to compliance with applicable laws and SHA terms.

What the Numbers Show

The disclosure clarifies that the SHA does not create direct rights or encumbrances over the equity shares of Stovec Industries itself. Instead, the encumbrance is on the shares of Print I B.V., the intermediate holding company. This structure indicates that the promoter group’s ability to freely transfer its indirect stake in the listed entity is constrained by the debt restructuring outcomes at the parent level.

Magenta Holding B.V. is not a scheduled commercial bank, public financial institution, NBFC, or housing finance company. The encumbered shares represent more than 50% of the promoter’s shareholding and more than 20% of the total share capital of Stovec Industries.