Security Papers Limited (SPL) has officially signed an agreement with Giesecke+Devrient (G+D), a global leader in security technology, for the upgradation of its paper machine PM-2. This project aims 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 State Bank of Pakistan which recently announced the launch of a new banknote series.
The agreement for the upgradation was officially formalized during a signing ceremony at SPL’s head office in Karachi. Imran Qureshi, CEO of Security Papers Limited, signed the agreement on behalf of the company, while Claudio Sgarlata, Managing Director Middle East and Africa, for the Currency Management Solutions business of global SecurityTech company Giesecke+Devrient (G+D), represented G+D.
The ceremony was also attended by Peter Schroffenegger, VP Key Account MEA – Currency Management Solutions, Giesecke+Devrient (G+D); Aftab Manzoor, Chairman, Security Papers Limited; Arshad Mehmood Bhatti, Managing Director, Pakistan Security Printing Corporation; and Rizwan Butt, Managing Director, SICPA, along with members of the senior management team from Security Papers Limited.
The estimated cost of the project is Rs. 3.4 billion, which includes an international tender worth Euro 8.297 million awarded to Giesecke+Devrient (G+D), Germany. The upgradation is expected to be completed within 18 months, during which SPL’s Paper Machine PM-2 will be enhanced to produce banknote paper with the latest security features.
Imran Qureshi, CEO of SPL, emphasized, “This upgradation is vital to fulfilling the SBP’s requirements for the new banknote series. By strengthening our manufacturing capabilities, we will not only ensure that Pakistan’s currency remains secure and resistant to counterfeiting but also establish SPL as a leader in the global currency security paper market, capable of meeting the highest international standards.”
Claudio Sgarlata, Managing Director Middle East and Africa, for the Currency Management Solutions business of global Security Tech company Giesecke+Devrient (G+D) comments on the partnership, “We are excited to work with SPL on this very important project. I assure that with G+D´s long-standing expertise and modern technology in the banknote industry, we are confident that SPL will be fully equipped to produce banknote paper in line with future requirements as well as meet the international standards followed in this field.”
To ensure transparency, the decision was also approved in the Extraordinary General Meeting (EOGM) dated March 1, 2025 where all shareholders supported the project as endorsed by the Board of Directors.