Get the latest gossip
Anghami Shares Jump 59% After Saudi Media Company MBC Group Takes 14% Stake
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%.
Saudi Arabia-based MBC Group bills itself as “the largest and leading media company in the Middle East 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. The Nasdaq gives companies 180 days to regain compliance or face delisting from the exchange.
Or read this on Billboard
