ISLAMABAD: Security Papers Limited (SPL) has partnered with Giesecke+Devrient (G+D), a global leader in security technology, to modernize its Paper Machine PM-2. The initiative will enhance SPL’s ability to produce advanced banknote paper that meets international standards and incorporates cutting-edge security features.
This strategic upgrade aims to fulfill the State Bank of Pakistan’s (SBP) requirements for its new banknote series, recently announced in a public release. The partnership was officially formalized at a signing ceremony held at SPL’s Karachi headquarters. SPL’s CEO, Imran Qureshi, signed the agreement on behalf of the company, while Claudio Sgarlata, Managing Director of Currency Management Solutions for G+D in the Middle East and Africa, represented the global security technology firm.
The event was attended by key stakeholders, including Aftab Manzoor, Chairman of SPL, Arshad Mehmood Bhatti, Managing Director of Pakistan Security Printing Corporation, and Rizwan Butt, Managing Director of SICPA Pakistan, along with senior members of SPL’s management team.
The total cost of the project is estimated at Rs 3.4 billion, which includes an international contract worth Euro 8.297 million awarded to Giesecke+Devrient. The project is scheduled to be completed in 18 months, during which PM-2 will be upgraded to produce banknote paper equipped with the latest security features.
Imran Qureshi stressed the importance of this upgrade in meeting SBP’s specifications for the new banknote series. He added that by improving SPL’s manufacturing capabilities, the company would not only enhance Pakistan’s currency security but also position itself as a global leader in the production of high-quality currency security paper.
Claudio Sgarlata expressed his excitement about the collaboration, assuring that G+D’s extensive experience and cutting-edge technology would ensure SPL’s capacity to meet future demands and global standards in banknote production.
The project received approval at an Extraordinary General Meeting (EOGM) held on March 1, 2025, where all shareholders expressed unanimous support, in line with the Board of Directors’ recommendation.
