Anghami Confirms Receipt of Non-Binding Proposal for Going Private by OSN Streaming Limited

Anghami Confirms Receipt of Proposal for Going Private

In a major move, Anghami Inc. (NASDAQ: ANGH), a leading streaming platform in the Middle East and North Africa (MENA), has announced it received a preliminary, non-binding proposal from its controlling shareholder, OSN Streaming Limited.

The proposal involves acquiring all outstanding ordinary shares of the company not already owned by OSN for $3.39 per share, indicating OSN's intention to take Anghami private. Currently, OSN holds approximately 67% of the company's shares and plans to utilize equity or other financing options from its shareholders and affiliates for the acquisition. Importantly, the completion of this transaction is not subject to any financing conditions.

As part of the response to the proposal, Anghami has appointed three new directors: Nathan Scott Fine, Guergui Saykov Stoyanov, and Chiara Marcati. Each of these directors meets the independence standards of The Nasdaq Stock Market LLC, ensuring impartiality in assessing the offer.

Background of New Board Members

Nathan Scott Fine

Mr. Fine brings over 35 years of investment banking experience to the Board. He has previously served as CEO of Cyclo Therapeutics and held significant positions in various companies, including Kenon Holdings, where he contributed as Chair of the Compensation Committee.

Guergui Saykov Stoyanov

As the CEO of StoGeo, Mr. Stoyanov specializes in business strategy. With 25 years of consulting experience in the Middle East, he possesses expertise in management consulting and corporate governance, making him a vital addition to the review committee of this proposal.

Chiara Marcati

Ms. Marcati, previously a Partner at McKinsey & Company, now serves as the Chief Advisory and Business Officer at AI71. Her extensive background in artificial intelligence and previous leadership roles at McKinsey adds a fresh perspective to Anghami's Board.

Formation of Special Committee

In response to the proposal, the Anghami Board has established a special committee composed of the three newly appointed directors. This committee is tasked with reviewing the offer, evaluating potential strategic alternatives, and determining the best course of action in the interest of the company and its unaffiliated shareholders. The Special Committee has the authority to negotiate and evaluate the proposal, ensuring that any transaction aligns with retailer interests.

The committee emphasizes that no transaction will proceed without a favorable recommendation from them, and any agreement will require Board approval and shareholder consent.

Cautionary Note

Despite the excitement surrounding this proposal, Anghami has reassured its shareholders that there is no obligation to take any action at this moment. The company will not disclose further updates unless necessary, as the proposal is still in the preliminary stages.

About Anghami Inc.

Founded in Abu Dhabi, Anghami is a dynamic multimedia platform with a robust user base exceeding 130 million registered users and over 3.5 million paying subscribers. The platform is notable for facilitating rich entertainment services that include music, podcasts, and live content, serving as a cornerstone for the streaming market in the MENA region. With partnerships established across 45 telcos, Anghami continues to stand at the forefront of regional multimedia innovations.

In conclusion, as Anghami navigates this significant proposal from OSN Streaming Limited, the company's leadership illustrates a commitment to rigorous assessment and governance to protect shareholder value while adapting to the ever-evolving entertainment landscape in the MENA region.