January 22, 2025 (MLN): The Board of Directors of Security Papers Limited (PSX: SEPL) has decided to proceed with the plant upgrade project, which is expected to be completed within 18 months, during their meeting held on January 22, 2025.
The Board further recommended convening an Extraordinary General Meeting (EOGM) of the company's shareholders to share details of the project and seek their concurrence and approval through an appropriate resolution, the company's filing on PSX revealed today.
SPL was incorporated as a private limited company in Karachi on December 8, 1965, and later converted into a public company on March 3, 1967.
This change was made under a Memorandum of Understanding signed on June 27, 1967, between the Governments of Pakistan, Iran, and Turkiye, with the purpose of manufacturing banknote paper and other security paper.
Since its establishment, Pakistan Security Printing Corporation (PSPC) has been the single largest customer of SPL.
Additionally, SPL has been a crucial part of the supply chain for banknotes, which is a key regulatory function of the State Bank of Pakistan.
In this regard, SBP has announced plans to launch a new series of banknotes featuring updated and advanced security measures that align with international standards and trends.
SPL commissioned its paper manufacturing machines in 2004, and to support the production of this new banknote series, there is an urgent requirement to upgrade these machines to incorporate the advanced security features that are already standard practice globally.
SPL will be upgrading its plant to fulfill the needs of its primary customer, the SBP, and to maintain uninterrupted business operations.
