Security Papers Limited, the company engaged in manufacturing banknotes and other security papers, announced plans to upgrade its plant, which is expected to be completed within 18 months. On Wednesday, the listed company shared the development in its notice to the Pakistan Stock Exchange (PSX). “SPL was duly incorporated in Karachi on 8 December 1965, as a private limited company and on 3 March 1967, the company was converted into a public company, in terms of a Memorandum of Understanding between the Governments of Pakistan, Iran and Turkiye dated 27 June 1967, to manufacture banknote paper and other security paper,” read the notice. SPL shared that since its inception, the Pakistan Security Printing Corporation (PSPC) has been its single largest customer. In addition, SPL has also been a key member of the supply chain of bank notes which is a key regulatory function of the State Bank of Pakistan (SBP). “In this regard, SBP has recently announced that it is in the process of launching the new banknote series that would have updated and modern security features, as per international standards and trends.” SPL shared that its paper manufacturing machines were commissioned in the year 2004 and to support the new banknote series there is an immediate need to upgrade the said machine to accommodate such security features, which are already being used internationally. “Therefore, in order to meet the requirements for our key customer and to ensure business continuity, SPL would be upgrading the plant,” it stated. The Board of Directors approved the plant upgrade on Monday. “The board further recommends, that an Extraordinary General Meeting (EOGM) of shareholders of the company be called upon to share the details of the project and to seek concurrence and approval of the shareholders through an appropriate resolution to this effect,” it concluded.