Anghami's Shares Surge 40.91% Amid OSN's Major Stake Acquisition and New Financing

Introduction

ANGHAMI INC (NASDAQ: ANGH) operates the first legal music streaming and digital distribution service in the Arab world. Founded in November 2012 by Eddy Maroun and Elie Habib in Lebanon, the platform offers unlimited Arabic and international music, offline downloads, and personalized recommendations. As of July 28, 2025, ANGH shares closed at $0.6348, reflecting a price increase of 40.91% on a trading volume of 4,029,959 shares.

Corporate Structure

Headquartered in Abu Dhabi with offices in Beirut, Dubai, Cairo, and Riyadh, Anghami employs between 201 and 500 professionals across various functions including engineering, content, product, and marketing. The company maintains over 35 partnerships with regional telecom operators and licensing agreements with major music labels such as Sony, Universal, and Warner, in addition to several leading Arabic and independent labels.

Music Streaming by Alexander Shatov

Recent Developments and News

• April 2, 2024: OSN+ completed the acquisition of a 55.45% stake in Anghami.
• May 2024: MBC Group acquired 13.7% of the company’s ordinary shares.
• December 2021: Launched Vibe Music Arabia, an independent record label aimed at supporting Arabic artists, in partnership with Sony Music Middle East.
• February 4, 2022: Began trading on NASDAQ following a merger with Vistas Media Acquisition Company, at a pro forma enterprise valuation of $220 to $230 million.
• July 25, 2025: Filed a Form 6-K disclosing the issuance of a senior unsecured convertible note valued at $23 million, bearing 11% PIK interest, maturing December 16, 2027.
• 2025: Introduced an "Add to Music App" feature in collaboration with TikTok across the MENA region, allowing users to save tracks directly from TikTok to Anghami.
• 2025: Rolled out "The Hub," a branded content destination within the Anghami app, designed for advertisers and creators.

Financial and Strategic Analysis

The SPAC listing in early 2022 provided Anghami with approximately $40 million in PIPE financing, led by SHUAA Capital and Vistas Media. These funds support the company's expansion into hybrid entertainment venues and original content initiatives. The convertible note announced on July 25, 2025, increases the company's total debt under the OSN streaming agreement to $55 million, introduces potential equity dilution through conversion rights, and imposes covenants that restrict additional borrowing beyond $20 million for working-capital purposes.

Schedule 13D/A filings dated July 25, 2025, indicate that OSN Streaming Limited beneficially owns 70.8% of Anghami’s shares, which comprises 36.99 million ordinary shares, 13.43 million warrants, and 22 million shares issuable upon note conversion. This ownership structure suggests a consolidated control and alignment of strategy regarding content distribution and streaming operations.

Market Position and Industry Context

Anghami leads the Middle East and North Africa (MENA) streaming market, having reached 30 million listeners by 2017. By 2019, it reported 21 million monthly active users, with approximately 1 million being paying subscribers. Its localized catalog, which exceeds 57 million international and regional tracks, paired with AI-driven recommendations and extensive telecom integration, underscores its market share of roughly 58% in the region. Competitors include global services such as Spotify and Apple Music, although Anghami’s focus on Arabic-language content and branded solutions differentiates its offering.

tl;dr

ANGH shares increased by 40.91% to $0.6348 on July 28, 2025, amidst an increase in investor activity following OSN+'s 70.8% ownership disclosure and the announcement of a $23 million convertible note maturing on December 16, 2027. The company is further monetizing its platform via the TikTok integration and "The Hub" branded content space. Future outlook involves managing debt-related dilution, executing content partnerships, and maintaining user engagement under consolidated stakeholder control.