KUALA LUMPUR: ProEight Offshore Engineering Sdn Bhd yesterday walked away with a RM1 million cash prize for being the most innovative small and medium enterprise in the country.

ProEight, which mainly manufactures and trades mechanical seals for the petrochemical industry, is one of a few companies in the world involved in the trade.

Its managing director Ir Azhar Zainal Abidin received the award from Deputy Prime Minister Tan Sri Muhyiddin Yassin during the launch of Smidex 2011: SME Innovation Showcase yesterday.

The company also won the best innovation award in manufacturing under the inaugural SME Innovation Award 2011.

The other best innovation award winners were Biofusion Sdn Bhd (biotechnology and agro technology), Malaysia Microelectronic Solutions Sdn Bhd (engineering and industrial design) and Success Nexus Sdn bhd (green technology). They won RM200,000 each.

Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir, who was also present, said 37 companies out of 169 companies were successfully certified for the SME Innovation Awards based on online assessment and audit of products and services using the Korean-based 1-InnoCERT Assessment Model.

Muhyiddin also witnessed several memorandums of understanding (MoUs) including those between SME Corp and the Office of Small and Medium Enterprises Promotion of Thailand and one with Iran Small and Industrial Parks Organisation.

He also witnessed MoU signing between The Boeing Company with three Malaysian companies - Composites Technology Research Malaysia Sdn Bhd (CTRM), SME Aerospace of Malaysia and Spirit AeroSystems of Malaysia.

Boeing plans to pursue business opportunities for manufacturing specialised components and equipment for use in the defence and aerospace sectors.

Mukhriz said more than 250 business matching sessions have been pre-arranged between 102 SMEs with 14 multinational corporations and large companies.