OSN Streaming, Anghami's controlling shareholder, has submitted a preliminary non-binding proposal to acquire all remaining Anghami shares it does not already own in a take-private transaction, offering $3.39 per share in cash.
Founded in 2012 by Eddy Maroun and Elie Habib, Anghami, a operates a streaming platform offering music, podcasts, video, and live entertainment services. OSN currently owns approximately 67% of the company's outstanding shares.
The company said no final agreement has been reached, and the proposed transaction remains subject to the special committee's recommendation, board approval, shareholder approvals where required, and other regulatory processes. Anghami may also continue operating as a publicly listed company.
Saudi Arabian media conglomerate MBC Group also owns a 13.7% stake in the Nasdaq-listed company.
Press release:
