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).—Zawya
