Anghami Shares Jump 59% After Saudi Media Company MBC Group Takes 14% Stake

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Saudi Arabian media company MBC Group took a 14% stake in Abu Dhabi-based streaming service Anghami, causing the latter's share price to jump 59%.

showed media company MBC Group has taken a 13.7% stake in the company. Anghami rose as high as $1.79 before closing at $1.59. Trading volume spiked to 11.3 million shares, over 300 times its daily average.and North Africa.” Founded in London in 1991 as a satellite TV channel, MBC Group’s properties now include 13 free-to-air TV channels, three radio stations and Shahid, a leading Arabic streaming platform.

Investors appeared to take MBC Group’s ownership stake as a positive sign that Anghami would have the financial and promotional resources to build a profitable business. Anghami shares have fallen 86% since its Feb. 4, 2022 debut on the Nasdaq. The company wasfor trading under the $1 threshold for the previous 30 days. The Nasdaq gives companies 180 days to regain compliance or face delisting from the exchange.

Anghami shares traded as high as $16.80 in April 2022 but have fallen 86% below the $11.00 closing price on its first day of trading on Feb. 4, 2022, after merging with Vistas Media Acquisition Company, a special purpose acquisition company. In the 55 trading days in 2024, Anghami has closed below $1.00 29 times.

In the first nine months of 2023, Anghami had 1.73 million subscribers and adjusted revenue of $30 million, up 8% year over year. The company has not yet announced full-year 2023 results. Beyoncé Reveals ‘Cowboy Carter’ Album Cover: ‘This Ain’t a Country Album, It’s a Beyoncé Album’Here’s Why Fans Think Beyoncé Is Calling Out the CMA Awards

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