Anghami plans to expand in Egypt

ArabFinance: Anghami Inc., the leading music streaming platform and service in the Middle East and North Africa, plans to expand in Egypt after it becomes the Middle Easts first tech company to list in New York with plans to merge with Nasdaq-listed SPAC Vistas Media Acquisition Company, the company said in a press release.

The merger deal, which is expected to close in the second quarter (Q2) of 2021, implies a pro-forma enterprise value of $220 million.

The combined company will operate under the Anghami name and will trade under the new ANGH symbol.

SHUAA Capital and the Singapore-based Vistas Media Capital have gathered commitments of a combined $40 million, as SHUAA committed $30 million, while Vistas committed $10 million.

Anghami, headquartered in the UAE, has over 70 million registered users and is used all over MENA.

The company could be valued at $300 million when the process wraps up.

The companys expansion in key markets including Egypt and Saudi Arabia could take place as early as June.

Being a US-listed public company gives us access to growth capital and a global platform that is the best in the world, Eddy Maroun, Co-founder and CEO of Anghami, commented.

Anghami has offices in Beirut, Dubai, Cairo and Riyadh and operates in 16 countries across MENA. It is the only service available in English, Arabic and French, and remains close to its customer base, not only thanks to its pan-regional presence but also via the 56 million user data points it generates every day.