MBC Ventures, the investment division of Saudi Arabia-owned media conglomerate MBC Group, officially possesses over four million shares in Anghami (NASDAQ: ANGH).

MBC’s multimillion-dollar ANGH play came to light in an SEC regulatory filing dated February 20th. Related media coverage only recently initiated, however, and a closer examination of ownership disclosures shows that multiple investors currently hold sizable stakes in Anghami.

Beginning with the purchase from MBC – 60% of the overarching group belongs to Saudi Arabia’s government – the relevant document specifically attaches 4,074,533 shares to the entity’s portfolio. Calculating based on Anghami’s per-share stock price one month back, slightly under $1, the investment was worth just shy of $4 million.

But ANGH’s value spiked today as the trade, especially noteworthy because of the involved company, made a media splash. At the time of this writing, Anghami stock was hovering around $1.95 per share – up about 23% on the day and 80% on the year, but well beneath the approximately $18 per share it had been fetching in early 2022.

Meanwhile, different SEC filings show the substantial Anghami interests attributable to other parties.

With MBC’s stake extending to 13.7% of outstanding shares, Saudi Research and Media Group last month reported owning 2,055,000 shares (6.9% overall), against 2,486,052 for Anghami co-founder Elie Habib (8.37%), an identical 2,486,052 for co-founder Eddy Maroun, and 1,635,800/5.51% for Samena Beats Holdings (described by the namesake Samena Capital as a co-investment). Highbridge Capital Management identified warrants that would deliver 1,361,315 shares (4.9%) upon being exercised.

Regarding the recent performance of SRMG-backed Anghami – and its per-share price, which, as noted, is far lower than the early 2022 high – the company in January of 2024 reported subscriber growth and, separately, a year-over-year revenue decline for the first half of 2023.

Though the region’s music landscape is evolving rapidly (and revolves around streaming), monetization seemingly remains a challenge. Moreover, Anghami previously made far-reaching staff cuts and in 2023 faced a possible NASDAQ delisting due to ANGH’s then-sub-$1 price. Even so, it stands to reason that these relatively small-scale operational hurdles could prove inconsequential in the long run.

Besides having important licensing deals and connections, Anghami, which operates a JV label with Sony Music Entertainment, also boasts valuable access to and knowledge of consumers in MENA’s varied markets. (Sony Music Publishing last month launched a MENA division, tapping a former Anghami exec to lead the unit.)

That access and the overarching regional presence will presumably be significant on multiple levels in 2024 and beyond. Earlier in March, for instance, Anghami expanded its partnership with Rotana Music (part of which belongs to Warner Music Group) to include content and concert collaborations.

And before that, Anghami in late November of 2023 announced a combination with OSN+, a MENA streaming platform that offers regional content as well as international releases from HBO, Paramount, and more. Combining these film and television offerings with Anghami’s music product, the companies spelled out at the time, would create “one of the region’s largest streaming platforms.”