Shares of Anghami, the leading music streaming platform, surged by a substantial 59% following the release of a regulatory filing revealing that the media company MBC Group has acquired a 13.7% stake in the company’s capital.
The value of Anghami shares rose to $1.79 before market close, compared to the previous value of $1.59.
A significant increase in trading volume was noted, reaching 11.3 million shares, representing an increase of over 300 times compared to the daily average.
MBC Group, headquartered in Saudi Arabia, is a leading media company in the Middle East and North Africa region.
The group began its journey in London in 1991 as a satellite television channel and now owns 13 free-to-air television channels in addition to three radio stations.
It also owns the well-known streaming platform “Shahid,” which has become a leader in the Arab streaming industry.
MBC Group has its own studios under the name MBC Studios, which produce high-quality content, in addition to MBC Academy, a distinguished educational and training platform in the region.
This new acquisition of a stake in Anghami by MBC Group demonstrates a strategic move towards strengthening its presence in the music streaming and media sector.
This collaboration is expected to provide opportunities for both parties to explore new avenues for expansion, enhance services provided to users, and enrich music and entertainment content for Arab and global audiences.
