Miguel Cordon · · 1 min readVistas Media’s SPAC merges with 🇦🇪 music-streaming firm
Vistas Media Acquisition Company (VMAC), the special purpose acquisition company (SPAC) set up by Singapore’s Vistas Media Capital, announced the finalization of its merger with music-streaming platform Anghami.
Vistas Media founders Saurabh Gupta (left) and Abhayanand Singh / Photo credit Vistas Media
Most of the SPAC’s stockholders approved the deal at a special meeting last month, according to a statement. As part of the deal, the resulting company’s stock will begin trading on the Nasdaq under the ticker “ANGH,” while its warrants will trade under “ANGHW.”
Anghami was founded in 2012 by Eddy Maroun (CEO) and Elie Habib (CTO). The firm claims to be the leading digital music entertainment platform in the Middle East and North Africa (MENA) region with a catalog of over 75 million songs available to its more than 75 million users.
“As a public company, we will further develop our ecosystem of creators, expand our content, and add millions of users in MENA and globally,” said Maroun.
Vistas Media Capital in June last year set up a production company in Abu Dhabi after the initial announcement of its SPAC merger deal with Anghami. At the time, the company also said that it had plans to roll out a US$150 million fund for SPACs.
See Also: These are the most active investors in Singapore’s startups
Editing by Collin Furtado and Jaclyn Tiu
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