OSN Invests $38 Million for Majority Stake in Anghami
Anghami, founded in Lebanon in 2012, has built a subscriber base exceeding 1.73 million users.
Kuwait Projects Company Holding (KIPCO) announced that its subsidiary,OSN, has acquired a 55.45% stake in Anghami Inc., an Abu Dhabi-based music and entertainment streaming platform for a cash investment totaling $38 million.[1]
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Anghami's valuation stands at $3.69 per share, which is 1.9 times the closing price of the stock on Thursday, March 28.
Upon completion of the transaction, the combined entity will boast over 120 million registered users, approximately 2.5 million paid subscribers, and revenue close to $100 million.
Anghami's co-founder and CTO, Elie Habib, will assume the role of CEO for the combined entity, while Joe Kawkabani will continue as CEO of the OSN Group.
In March, Saudi Arabia's MBC Group acquired a 14% stake in Anghami.
Anghami, founded in Lebanon in 2012, has built a subscriber base exceeding 1.73 million users.