SMMP was established in 1994 in Riyadh and is currently engaged mainly in the manufacturing and trading of medical disposable products.
The industry has a promising future and Capinnova therefore decided to acquire a $22m minority stake in SMMP, a leading medical disposables manufacturer in Saudi Arabia.
"We are delighted to become a part of SMMP and look forward to synergise SMMP's and Capinnova's wealth of knowledge and expertise to further propel the company on to a faster growth trajectory," he said.
"SMMP has embarked on a mission to innovate and manufacture the highest quality advanced medical disposable products," said SMMP chief executive Bassel Al Mahayni.
Today, we are delighted to have found the right synergy and we are confident that SMMP will grow to greater heights with Capinnova Bank coming on board."