Karachi: Security Papers Limited has announced the 9th Extraordinary General Meeting (EGM) of the company, scheduled for Friday, February 21, 2025, at 8:00 a.m. The meeting will take place at the Registered Office of the Company located at Jinnah Avenue, Malir Halt, Karachi, and will also be accessible via video link through the Zoom application. The purpose of this meeting is to conduct a poll where shareholders can vote on the proposed upgrade of the company’s Paper Manufacturing Plant.
The meeting’s primary agenda is to seek shareholder approval for the upgrade of a Paper Manufacturing Plant initially installed in 2004. The upgrade aims to meet the enhanced security features required for the new banknote series, as recently announced by the State Bank of Pakistan. According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors of Security Papers Limited approved a total project cost of Rs 3.40 billion, including an international tender worth Euro 8.297 million awarded to Giesecke + Devrient (G+D), Germany. The upgradation project is expected to be completed within 18 months.
Shareholders have been provided with ballot papers for postal voting, as published in newspapers. They are required to send their filled and signed original postal ballots to the Chairman at the business address or email specified. The company has outlined detailed instructions for the voting process, emphasizing that postal ballots must reach the chairman by February 20, 2025, during working hours. Any ballots received after this deadline will not be considered for voting.
For the voting process, M/s. BDO EBRAHIM and CO. – Chartered Accountants, have been appointed as the Scrutinizers, ensuring an independent and transparent review of the voting. The postal ballot form, along with a copy of the CNIC or Passport for identification, must be submitted, and signatures must match those on official identification documents.
Security Papers Limited is a key player in the market category of paper manufacturing, with a focus on producing security papers for governmental and financial institutions. The upgrade project is seen as a strategic move to align their manufacturing capabilities with international trends and standards, ensuring their position as a leader in the sector.