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

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Anghami Shares Jump 59% After Saudi Media Company MBC Group Takes 14% Stake
Shares of Abu Dhabi-based music streaming company Anghami soared 59% on Wednesday (March 20) after an SEC filing 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. 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.

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