Eddie Maroun said the agreement had suffered a delay due to the procedures of the Securities and Exchange Commission in the US, but the deal will still go ahead.
The process is currently in its final stages, and the implementation will be announced very soon, he told Al-Arabiya on Thursday.
Maroun said the company’s priority is growth not profitability as it seeks to increase its market share from 6 percent.
He expects Anghami to achieve profitability within three years, he added.
Subscriptions represent 80 percent of the company’s revenue with the rest coming from advertising, Maround said.
Founded in 2012 in Lebanon, Anghami is the first legal music streaming platform in the Middle East and North Africa region.
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