Security Papers Limited (PSX: SEPL) announced plans to upgrade its paper manufacturing plant to support the State Bank of Pakistan’s (SBP) decision to introduce a new series of banknotes. The company shared the development in a stock filing on Wednesday.

According to the filing, SEPL’s paper manufacturing machines, commissioned in 2004, require immediate upgrades to accommodate advanced security features that are already being used internationally. “To support the new banknote series, there is an immediate need to upgrade the said machine,” the company stated.

The SEPL board of directors has approved the plant upgrade project, which is expected to be completed within 18 months, the filing added.

Security Papers Limited, a public company incorporated in Pakistan, specializes in the manufacturing and sale of security paper for banknotes and other security documents. The upgrade is expected to enhance the company’s ability to meet international standards and support the SBP’s efforts to modernize Pakistan’s currency.