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

Security Papers Limited (SPL) has returned to normal production at its plant after completing an upgrade of Paper Machine 2 (PM-2), according to Business Recorder, which cited a notice sent to the PSX on Tuesday. Output had been halted on July 25, 2026 so that modern components could be installed and integrated, and operations restarted on September 30, 2026.

The upgrade is designed to add advanced security features to banknote paper, a requirement tied to the State Bank of Pakistan's new banknote series. SPL signed a contract with Giesecke+Devrient in March last year, and the project carried an estimated cost of Rs3.4 billion, including an international tender of 8.297 million euros awarded to the German firm. The project was initially expected to finish within 18 months.

SPL was set up as a private company in 1965 and became a public limited company in 1967. Apart from banknote paper, it manufactures prize bonds, defence savings certificates, passport paper, cheque books and non-judicial stamp papers. CEO Imran Qureshi described the upgrade as essential to meeting the central bank's requirements for the new series.