Banaja acquires majority stake in DEEF
Riyadh, January 30, 2011
Saudi Arabia’s Banaja Holdings has acquired a majority holding in DEEF Pharmaceutical Industries Company Limited.
Banaja Holdings, a leading firm in the healthcare and pharmaceutical sectors, will jointly manage the DEEF facility which started production of a range of healthcare and medicinal products in June 2007.
Banaja Holdings’ plan for the DEEF facility is to expand and diversify from its current product portfolio and contribute to the development of the DEEF pharmaceuticals factory to meet the demand of the market.
Financial details of the acquisition were not revealed.
Banaja Holdings president Yousef A Banaja, said: “This is another important milestone in the growth of our business. Our partnership with the previous owners of the DEEF facility demonstrates that Banaja’s firm commitment to grow our business whilst adhering to the highest international standards in the healthcare and pharmaceutical sector remains firmly on track. In the medium term we expect the DEEF plant to be employing a little over 200 people providing a valuable boost to the economy of Qassim Region and Saudi Arabia.”
Chief Executive of the DEEF plant, Dr Yosuf Oraini, added: “This is an exciting moment in the rapidly maturing pharmaceutical industry in Saudi Arabia. Two companies committed to the highest quality products and services have combined resources to create the potential for one of the Middle East region’s most advanced facilities. Our focus is going to be on manufacturing only market leading products and we expect to be working with partners in the distribution and retail sectors with a similar focus on the top end of the market.”
The DEEF facility currently manufactures six categories of products: syrups; antiseptics; creams and ointments; tablets; capsules; and sachets. All products are manufactured to international standards and cGMP and Safety and Environmental Protection guidelines are rigorously applied at its 6,000 sq m facility. – TradeArabia News Service