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Kuwait Projects Company (Holding) K.S.C.P. (KIPCO) announced on November 21, 2023, that its subsidiary, Panther Media Group Ltd ("OSN"), signed a conditional binding agreement to combine its streaming platform OSN+ with Anghami Inc. OSN will inject up to USD 50 million (KD 15.4 million) into Anghami Inc. for a majority stake. The transaction's execution is subject to customary regulatory and anti-trust approvals, with integration expected to be finalized early 2024.
| Date | 21 Nov 2023 |
| Time | 09:11:31 |
| Category | Acquisitions and alliances |
| ID | 1360U |
Kuwait Projects Company Sukuk Limited
KIPCO announces a strategic deal between OSN+ and Anghami
Kuwait Projects Company (Holding) K.S.C.P. (the Obligor of Kuwait Projects Company Sukuk Limited), announced that Panther Media Group Ltd known as "OSN" (KIPCO Group's subsidiary) has signed a conditional binding agreement to combine its streaming platform OSN+ with Anghami Inc. (Listed on Nasdaq) and to inject up to USD 50 Mn (equivalent to KD 15.4 Mn) in Anghami Inc. for a majority stake in Anghami Inc.
Execution of the transaction is subject to obtaining customary regulatory and anti-trust approvals, with the integration expected to be finalized early 2024.
For more details, please refer the press release available at:
https://kipco.com/kipco-announces-a-deal-that-brings-together-osn-and-anghami/
For further information, please contact:
Investors, Press and Media:
Eman Al-Awadhi
49th Floor
KIPCO Tower, Khaled Bin Al-Waleed St, Sharq
P.O. Box 23982
Safat 13100
Kuwait
Tel: +965 2294 3416
Email: [email protected]