Karachi: Security Papers Limited has announced the convening of its 9th Extraordinary General Meeting (EOGM), scheduled for February 21, 2025, at 8:00 a.m. The meeting will be held at the company's registered office located on Jinnah Avenue, Malir Halt, Karachi, and will also be accessible via video link. This crucial meeting will see shareholders deliberate on a significant resolution regarding the modernization of the company’s paper manufacturing plant.
The primary agenda for the EOGM is to seek shareholder approval for upgrading the paper manufacturing plant, which was initially installed in 2004. This upgrade is essential to meet the evolving requirements for banknote paper with enhanced security features, as mandated by the new banknote series recently announced by the State Bank of Pakistan. The modernization project aims to align the production capabilities of Security Papers Limited with the latest international trends and standards in security paper manufacturing.
The Board of Directors has already approved an estimated project cost of Rs 3.40 billion. This budget includes an international tender of Euro 8.297 million awarded to the German company Giesecke + Devrient (G+D). The project is expected to be completed within 18 months, enhancing the company's capacity to produce security-featured paper to cater to the needs of its key customers.
According to information available from Pakistan Stock Exchange (PSX), the designated market category for Security Papers Limited reflects its strategic position within the industry. The upgrade aims to bolster the company’s competitive edge and expand its portfolio in the security papers sector.
The shareholders eligible to participate in the EOGM are those whose names appear in the register of members as of February 14, 2025. Shareholders can attend the meeting electronically by registering their particulars through the designated email by the close of business hours on February 14, 2025. Additionally, they can appoint proxies to represent them at the meeting, with the necessary documentation required to be submitted 48 hours before the EOGM.
The company's share transfer books will be closed from February 15, 2025, to February 21, 2025. Transfers received by the close of business on February 14, 2025, will be considered eligible to determine entitlements and voting rights at the meeting.
The meeting will also allow for the discussion of any other ordinary business of the company, subject to the chairman's permission. Shareholders are encouraged to actively participate and contribute to the discussions, ensuring the company's strategic growth and alignment with international standards.