Security Papers Limited (SPL) has announced plans to upgrade its paper manufacturing plant to meet the requirements of the State Bank of Pakistan (SBP) for a new banknote series incorporating updated security features aligned with international standards.
According to a filing at the Pakistan Stock Exchange (PSX) on Wednesday, the decision was made during a Board of Directors meeting held on January 22, 2025. The plant upgrade, expected to be completed within 18 months, aims to accommodate the new security features for banknotes.
“SBP has recently announced that it is in the process of launching the new banknote series that would have updated and modern security features, as per international standards and trends. In order to meet the requirements for our key customer and to ensure business continuity, SPL would be upgrading the plant,” read the notice sent to the PSX.
Security Papers Limited’s current paper manufacturing machine, commissioned in 2004, will undergo modernisation to ensure the production of security paper for the new banknotes.
The board also recommended convening an Extraordinary General Meeting (EOGM) to present the project details and secure shareholder approval.
Security Papers Limited was incorporated in Karachi on December 8, 1965, as a private limited company and converted into a public company on March 3, 1967, in terms of a Memorandum of Understanding between the Governments of Pakistan, Iran, and Turkey dated June 27, 1967, for the purpose of manufacturing banknote paper and other security paper.
Since the existence of the company, Pakistan Security Printing Corporation (PSPC) has been the single largest customer of SPL. SPL since inception has been a key member of the supply chain of banknotes which is a key regulatory function of the State Bank of Pakistan (SBP).
