Security Papers Limited resumes normal operations after PM-2 upgrade

Security Papers Limited, which makes banknote paper and other security documents, has resumed ‘normal operation and production’ after completing a strategic upgrade to enhance its banknote paper production capabilities, the company informed the PSX on Tuesday. "Security Papers Limited has completed the upgrade project of its Paper Machine 2 (PM-2)," read the notice. "The normal operation and production of the plant have resumed with effect from September 30, 2026. Production was temporarily suspended on July 25, 2026, for the installation and integration of modern components for the PM-2 machine," it said.

The company added that the upgrade enhances its technical capabilities to incorporate advanced, modern security features into its banknote paper production. Last year in March, SPL officially signed an agreement with Giesecke+Devrient (G+D), a global leader in security technology, for the upgrade of PM-2.

The project aimed to enhance SPL’s production capabilities – to meet the latest international trends and incorporate advanced security features for banknote paper to accommodate the evolving requirements of the State Bank of Pakistan, which recently announced the launch of a new banknote series, the company at the time said. The estimated cost of the project was Rs3.4 billion, which included an international tender worth Euro 8.297 million awarded to Giesecke+Devrient (G+D), Germany. The upgrade was expected to be completed within 18 months. "This upgradation is vital to fulfilling the SBP’s requirements for the new banknote series," Imran Qureshi, CEO of SPL said at the time.

SPL was established in 1965 as a private company. It was converted into a public limited company in 1967. The company makes banknote paper and other security documents such as prize bonds, defence savings certificates, non-judicial stamp papers, passport papers, and cheque books, certificates for educational boards and degrees for universities.