Dubai-Based OSN Group Proposes Full Ownership Of Abu Dhabi-Headquartered Anghami
OSN Group currently owns approximately 67 percent of the issued and outstanding ordinary shares of Anghami.
Abu Dhabi-headquartered music and entertainment streaming platform Anghami has received a preliminary, non-binding proposal from its controlling shareholder, the Dubai-based MENA entertainment network OSN Group, to acquire all of the former’s outstanding ordinary shares not already owned by the latter.
OSN Group currently owns approximately 67 percent of the issued and outstanding ordinary shares of Anghami, the first Arab technology company to be listed on the NASDAQ New York stock exchange. With OSN Group offering US$3.39 in cash per ordinary share, a statement from Anghami noted that the acquisition is set to be financed through equity or other funding from its shareholders and their affiliates.
Following the proposal, Anghami's board of directors have established a special committee comprising of independent directors Nathan Scott Fine, an ex-officio Director and Vice Chairman of the American pharmaceuticals company Rafael Holdings, Inc., Guergui Saykov Stoyanov, founder and CEO of StoGeo, a global advisory firm focused on business strategy and next-generation leadership, and Chiara Marcati, Chief Advisory and Business Officer at AI71, a UAE-headquartered company building agentic, sovereign-grade AI platforms, to assess the offer.
This committee has thus been tasked with reviewing, evaluating, and negotiating the proposal, considering strategic alternatives, and determining the appropriate course of action for the company and shareholders not affiliated with OSN Group. It also has the authority to appoint independent legal and financial advisors, negotiate or reject the proposal, and recommend any transaction before it is considered by the board. The committee is also under no obligation to approve the proposal, and so, Anghami may continue to operate as a publicly listed company.
