OSN Group Proposes Full Acquisition of Remaining Anghami Shares

Abu Dhabi-based music and entertainment streaming platform Anghami has received a preliminary, non-binding acquisition proposal from its controlling shareholder, Dubai-based OSN Group, to acquire all outstanding ordinary shares that OSN Group does not already own.

OSN Group currently holds approximately 67% of Anghami’s issued and outstanding ordinary shares. Under the proposal, the company is offering US$3.39 in cash per ordinary share, with the transaction expected to be financed through equity or other funding provided by its shareholders and affiliated entities.

Following the proposal, Anghami’s Board of Directors established a special committee of independent directors comprising Nathan Scott Fine, Guergui Saykov Stoyanov, and Chiara Marcati to evaluate the offer.

The committee is responsible for reviewing, evaluating, and negotiating the proposal, assessing strategic alternatives, and determining the appropriate course of action for the company and shareholders not affiliated with OSN Group. It is also authorized to appoint independent legal and financial advisors, negotiate or reject the proposal, and recommend any potential transaction before it is presented to the Board.

The company noted that the committee is under no obligation to approve the proposal, meaning Anghami may continue operating as a publicly listed company if the transaction does not proceed.