Pakistan’s banknote paper maker SPL resumes normal operations after major upgrade

Security Papers Limited (SPL), a company that manufactures banknote paper and other security documents, has announced the resumption of normal operations and production following a major upgrade. The company informed the PSX on Tuesday that its Paper Machine 2 (PM-2) has returned to regular operation and production as of September 30, 2026. Production had been temporarily halted on July 25, 2026, for the installation and integration of modern components into the PM-2 machine.

SPL explained that the upgrade significantly enhances its technical capabilities, enabling it to incorporate advanced security features into its banknote paper production. In March of the previous year, SPL signed an agreement with Giesecke+Devrient (G+D), a global leader in security technology, to undertake the upgrade of PM-2.

The project aimed to align SPL's production capabilities with current international trends and incorporate advanced security features to meet the evolving requirements of the State Bank of Pakistan (SBP). The SBP recently launched a new banknote series.

The upgrade project, estimated at Rs3.4 billion, included an international tender valued at Euro 8.297 million, awarded to G+D. The upgrade was anticipated to be completed within 18 months. Imran Qureshi, CEO of SPL, emphasized the importance of the upgrade in fulfilling the SBP's requirements for the new banknote series. SPL, founded in 1965 as a private company, was later converted into a public limited company in 1967.

The firm manufactures banknote paper and various security documents, including prize bonds, defence savings certificates, non-judicial stamp papers, passport papers, and cheque books, certificates for educational institutions, and university degrees.