Anghami Confirms Receipt of Going-Private Deal From OSN Streaming

By Stephen Nakrosis

Multi-media technology streaming platform Anghami said it received a going-private proposal from its controlling shareholder, OSN Streaming.

The preliminary, non-binding proposal from Anghami's controlling shareholder proposes a purchase price of $3.39 a share in cash, Anghami added.

OSN, which currently owns about 67% of Anghami's issued and outstanding ordinary shares, said it intends to fund the deal with equity or other financing from shareholders and their affiliates, according to Anghami.

In connection with receipt of the proposal, Anghami's board appointed Nathan Scott Fine, Guergui Saykov Stoyanov and Chiara Marcati as independent directors, the company said. The board also formed a special committee to review, evaluate and negotiate the proposal, Anghami added.

Anghami shares slipped 10%, to $2.91, after hours Tuesday. They closed down nearly 3%, to $3.24, and have slid about 14% year to date.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com