Security Papers Limited to Upgrade Plant for New Banknote Series

Security Papers Limited (SPL) has announced plans to modernize its paper manufacturing plant to meet the State Bank of Pakistan's requirements for a new series of banknotes with advanced security features that align with international standards.

According to a notice filed with the Pakistan Stock Exchange on January 22, 2025, the decision was approved during a Board of Directors meeting. The plant upgrade, expected to take 18 months, aims to ensure compliance with the updated security features needed for the new banknote series.

The State Bank of Pakistan recently revealed its initiative to launch a modernized series of banknotes incorporating internationally recognized security features. To meet the bank’s demands and maintain seamless business operations, SPL will upgrade its existing paper manufacturing facility, originally commissioned in 2004.

SPL plans to convene an Extraordinary General Meeting to share the project's specifics and obtain shareholder approval for the plant modernization.

Founded in Karachi on December 8, 1965, SPL transitioned from a private to a public company on March 3, 1967, under an agreement among the governments of Pakistan, Iran, and Turkey. The company specializes in producing banknote paper and other security paper.

Since its establishment, SPL has been a crucial supplier to the Pakistan Security Printing Corporation, which remains its largest customer. The company's role as part of the banknote supply chain underpins the regulatory functions of the State Bank of Pakistan.