Security Papers Limited (PSX: SEPL) has decided to upgrade its plant to support the State Bank of Pakistan’s (SBP) recent decision to print news banknote series, the company informed the main bourse on Wednesday.
“SPL’s paper manufacturing machines were commissioned in the year 2004 and to support the new 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,” SPL said in a stock filing.
The SEPL board of directors has decided to proceed with the project for plant upgrade which is to be completed in a period of up to 18 months, the filing added.
Security Papers Limited is incorporated and domiciled in Pakistan as a public Company Limited by shares. The principal activity of the Company is the manufacturing and sale of specialized paper for banknote and non-bank note security documents.
