Saudi’s MBC Group Acquires Nearly 14% Stake in Anghami

Saudi Arabia’s MBC Group Holdings has acquired nearly 14% stake in music streaming platform Anghami.

The media giant’s MBC Ventures purchased a total of 4,074,533 ordinary shares, representing a 13.7% stake in the Middle East and North African (MENA) company, according to a disclosure on the US Securities and Exchange Commission (SEC).

Anghami’s shares have surged since the SEC filing on Wednesday, peaking at $2.1337 on Friday, from $1 prior to the disclosure.

The value of the transaction has not been disclosed, but based on the earlier share price, the acquisition could have cost more than $4 million.

MBC Group has recently made its market debut after raising SAR 831 million ($222 million) in an initial public offering (IPO).

Founded in Lebanon in 2012, Anghami became the first Arab tech company to be listed on Nasdaq Stock Exchange in February 2022.