IslamabadSecurity Papers Limited (Spl) with GIESECKE+Devrient (G+D), the global leading company in security technology, to update Paper Machine PM-2. This initiative will enhance the ability of SPL to produce advanced banknotes paper that meets international standards and integrates advanced safety features.
This strategic promotion aims to meet the requirements of the Pakistani State Bank (SBP) for the newly announced banknotel series announced in a public issuance. A partnership was officially placed at a signing ceremony for a contract at the Karachi headquarters in SPL. The CEO of Spl, Imran Quraishi, signed the agreement on behalf of the company, while Claudio Saralata, Managing Director of Currency Management Solutions for G+D in the Middle East and Africa, represents the International Security Technology Company.
The event was attended by the main stakeholders, including Aftab Manzoor, President of Spl, Guidance Mahmoud Bahti, Managing Director of Pakistan Printing Corporation, and Rizwan Pot, Managing Director of SICPA Pakistan, along with members of the Spl Management Team.
The total cost of the project is estimated at 3.4 billion rupees, which includes an international contract worth 8.297 million euros granted to Gieseckke+Devriet. The project is scheduled to be completed within 18 months, and the PM-2 will be upgraded to produce the papers of patterns equipped with the latest safety features.
Imran Quraishi stressed the importance of this promotion in meeting the SBP specifications for the new banknote series. He added that by improving the SPL manufacturing capabilities, the company will not only enhance currency security in Pakistan, but also to put itself as a global pioneer in the production of a high -quality security paper.
Claudio Saralata expressed its excitement on cooperation, stressing that the extensive G+D and advanced technology will ensure Spl’s ability to meet future demands and global standards in the production of banknotes.
The project received approval at an extraordinary general meeting (EOGM), which was held on March 1, 2025, as all shareholders expressed their unanimous support, in line with the recommendation of the Board of Directors.
