On Wednesday, Anghami announced that it will become the first Arab technology company to be listed on the Nasdaq index, after agreeing to merge with a special purpose acquisition company.
Anghami runs a music app that is popular in the Middle East and North Africa, and stated in a statement that the deal has a value of about $ 220 million for the facility. Maroon being a US listed company gives us access to growth capital and a global platform that is the best in the world.
Under the deal, Anghami will merge with the publicly listed Vestas Media Development Company. The operation includes a pledge of $ 30 million from the UAE financial company, Shuaa Capital, and $ 10 million from the acquisition company's parent company.
Shuaa, which has $ 14 billion in assets under its management, provided financial advice and also led a financing round for Anghami last year. Abu Dhabi-based Anghami has more than 70 million registered subscribers and partnerships with several production companies.
Anghami said its revenue has jumped 80% over the last three years and is expected to increase five times over the next three years. She added that the company should have liquidity of about $ 142 million in its balance sheet when the deal closes, which is expected to be in the second half.
It is also receiving support from the government-run Abu Dhabi Investment Office to develop its global headquarters and a technology, research and development center in Abu Dhabi.
