SPL upgrades paper machine to enhance banknote security

Security Papers Limited (SPL) has partnered with Giesecke+Devrient (G+D) to upgrade its Paper Machine PM-2. This Rs 3.4 billion project aims to enhance banknote paper production with advanced security features to meet the State Bank of Pakistan's new specifications. The partnership was formalized at a signing ceremony in Karachi, attended by key stakeholders. The project includes an international contract worth Euro 8.297 million with G+D and is expected to be completed in 18 months. The upgrade will improve SPL's manufacturing capabilities and strengthen Pakistan's currency security. The project received unanimous support from shareholders at an Extraordinary General Meeting on March 1, 2025.