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\n\tShares of Abu Dhabi-based music streaming company Anghami soared 59% on Wednesday (March 20) after an SEC filing<\/a> showed media company MBC Group has taken a 13.7% stake in the company. Anghami rose as high as $1.79 before closing at $1.59. Trading volume spiked to 11.3 million shares, over 300 times its daily average.<\/p>\n \n\tSaudi Arabia-based MBC Group bills itself as \u201cthe largest and leading media company in the Middle East and North Africa.\u201d Founded in London in 1991 as a satellite TV channel, MBC Group\u2019s properties now include 13 free-to-air TV channels, three radio stations and Shahid, a leading Arabic streaming platform. MBC Group also owns MBC Studios, a content production house, and MBC Academy, an educational and training platform.\u00a0<\/p>\n \n\tThe two companies already had a marketing partnership that renewed in 2022<\/a>. The partnership gives Anghami exposure across MBC Group\u2019s programming. MBC Group \u201ccreate[s] new opportunities for rising music talent,\u201d Fadel Zahreddine<\/strong>, Group Director of Emerging Media at MBC GROUP, said at the time, \u201cand we continue to\u00a0inspire upcoming musicians by encouraging platforms like Anghami to give them the creative space to publish their premium music content.\u201d<\/p>\n \n\tInvestors appeared to take MBC Group\u2019s ownership stake as a positive sign that Anghami would have the financial and promotional resources to build a profitable business. Anghami shares have fallen 86% since its Feb. 4, 2022 debut on the Nasdaq. The company was warned by the Nasdaq exchange in Nov. 2023<\/a> for trading under the $1 threshold for the previous 30 days. The Nasdaq gives companies 180 days to regain compliance or face delisting from the exchange. Anghami said it would \u201cconsider available options to cure the deficiency,\u201d including a reverse share split.<\/p>\n