Key Takeaways
- Security Papers Limited (SPL) has resumed normal operations after completing a strategic upgrade to its Paper Machine 2.
- The upgrade was completed on September 30, 2026, following a temporary suspension on July 25, 2026.
- The project, costing Rs3.4 billion, was undertaken in collaboration with Giesecke+Devrient (G+D) to enhance security features.
Security Papers Limited (SPL), a company that produces banknote paper and other security documents, has resumed its normal operations after completing a significant upgrade to its Paper Machine 2 (PM-2).
The upgrade, which was completed on September 30, 2026, followed a temporary suspension on July 25, 2026, during which time modern components were installed and integrated into the machine.
The project, estimated to cost Rs3.4 billion, was undertaken in collaboration with Giesecke+Devrient (G+D), a global leader in security technology.
Imran Qureshi, CEO of SPL, stated that the upgrade was vital to fulfilling the State Bank of Pakistan’s (SBP) requirements for the new banknote series, which was recently announced.
SPL was established in 1965 as a private company and was converted into a public limited company in 1967. It specializes in producing banknote paper, prize bonds, defence savings certificates, non-judicial stamp papers, passport papers, and cheque books, among other security documents.
The upgrade aimed to enhance SPL’s production capabilities to meet the latest international trends and incorporate advanced security features, ensuring that the banknote paper produced can accommodate the evolving requirements of the SBP.
The project was part of a larger initiative to modernize SPL’s operations, with an international tender worth Euro 8.297 million awarded to G+D. The upgrade was expected to be completed within 18 months.
According to SPL, the upgrade is crucial for the production of the new banknote series, which is expected to improve the security and durability of Pakistan’s currency.
