Saudi Arabia’s MBC Group Holdings has acquired nearly 14% stake in music streaming platform Anghami.

The media giant’s MBC Ventures purchased a total of 4,074,533 ordinary shares, representing a 13.7% stake in the Middle East and North African (MENA) company, according to a disclosure on the US Securities and Exchange Commission (SEC).

Anghami’s shares have surged since the SEC filing on Wednesday, peaking at $2.1337 on Friday, from $1 prior to the disclosure.

The value of the transaction has not been disclosed, but based on the earlier share price, the acquisition could have cost more than $4 million.

MBC Group has recently made its market debut after raising SAR 831 million ($222 million) in an initial public offering (IPO).

Founded in Lebanon in 2012, Anghami became the first Arab tech company to be listed on Nasdaq Stock Exchange in February 2022.

(Writing by Cleofe Maceda; editing by Seban Scaria)