based Capinnova, the Shariah-compliant investment banking arm of BBK, has acquired a strategic stake in SMMP, a leading Saudi-based manufacturer of medical disposable products, for $22 million. The company, Saudi Mais Company For Medical Products is one of the leading manufacturers of medical disposables in the Kingdom having obtained the ISO 9001, the GMP, and the CE Mark certificates. Capinnova partnered with the SMMP shareholders - Arab Supply and Trading Company (Astra) and Demas Company for Trading and Contracting (Demas) for the stake deal. Capinnova CEO Jamal Hijres said, "the Kingdom has the largest healthcare market in the GCC and also the region's most technologically advanced infrastructure, hitech facilities and medical equipments." "The industry has a promising future and Capinnova therefore decided to acquire the minority stake in SMMP," he noted. SMMP, which was established in 1994 in Riyadh, applies the latest technology in the production of its medical products and adheres to international standards and local regulations. "We are delighted to become a part of SMMP and are happy to share this news with our stakeholders. We look forward to synergize SMMP's and Capinnova's wealth of knowledge and expertise to further propel the company on to a faster growth trajectory," he noted. "Our industry is evolving and it is important to embark upon such landmark deals at the right juncture to take Capinnova to the next level." Bassel Al Mahayni, CEO of SMMP, said it has embarked on a mission to innovate and manufacture the highest quality advanced medical disposable products.
