SPL Signs Agreement Giesecke+Devrient (G+D)
Security Papers Limited Signs Agreement with Giesecke+Devrient (G+D) for Paper Machine PM-2 Upgrade
Karachi, 14 March 2025
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, in line with the evolving requirements of the 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 – Currency Management Solutions at 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, Security Papers Limited
“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, MD MEA, Giesecke+Devrient (G+D)
“We are excited to work with SPL on this very important project. 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.
Media Contact
Security Papers Limited
Rabia Zulfiqar
Senior Manager Communications
rabia.zulfiqar@security-papers.com
Syntax Communications
Faisal Mushtaq: 0321-2431568
Sheeraz Mohiuddin: 0333-2235774
About Security Papers Limited
Security Papers Limited (SPL) was established in 1965. It became a joint venture company of Iran, Turkey and Pakistan in 1967, under the protocol of RCD – now ECO. The basic function of the Company was, and still is, to manufacture banknote and other security paper.
Security Papers Ltd. manufactures Banknote Paper and other security documents from 100% indigenous raw materials of the highest quality. It has successfully been meeting the paper requirements of the Pakistan Security Printing Corporation (PSPC) for printing Banknotes, Prize Bonds, Non-judicial Stamp Paper, Share Certificates, Watermarked Certificate/degree papers for various educational institutions of Pakistan and Ballot Paper.
Brief History of Security Papers Limited
| Incorporation of the Company (as a private Company) | 1965 |
| Signing of contract for the supply of Paper Machine-1 (PM-1) with Mills-Paugh, U.K. | 1966 |
| Conversion into Public Company | 1967 |
| Listing on the Karachi Stock Exchange | 1967 |
| Start of commercial production of PM-1 | 1969 |
| Signing of contract for supply of Paper Machine-2 (PM-2) with Voith Paper, Germany | 2001 |
| Commissioning of PM-2 | 2003 |
| Formal inauguration of PM-2 by the Prime Minister | 2004 |
| Commissioning of Co-Generation Power Plant | 2009 |
| Modification and upgrading of plant | 2011 |
| Commissioning of new Mould Cover Manufacturing Facility | 2012 |
| Commissioning of Dry Cleaning Plant | 2014 |
| Commissioning of Thread Unwind System | 2015 |
| Production of Passport Paper | 2016 |
| Installation of Breaker and Beater Assemblies and Stainless Steel Chests | 2018 |
| PM-2 Capacity Enhancement through in-house development of Short Former | 2019 |
| Upgrade Fire Alarm System, new Fire Hydrant and Sprinkler System | 2021 |
| Production and delivery of Ballot Paper, Commemorative Banknote of Rs 75 | 2023 |
About Giesecke+Devrient
Giesecke+Devrient (G+D) is a global SecurityTech company headquartered in Munich, Germany. G+D makes the lives of billions of people more secure. The company shapes trust in the digital age, with built-in security technology in three segments: Digital Security, Financial Platforms and Currency Technology.
G+D was founded in 1852 and today has a workforce of more than 14,000 employees. In the fiscal year 2023, the company generated a turnover of 3 billion euros. G+D is represented by 123 subsidiaries and joint ventures in 40 countries. Further information: https://www.gi-de.com/en/