NAIROBI, Kenya — The Aga Khan Fund for Economic Development (AKFED) has announced plans to exit its shareholding in Nation Media Group (NMG), ending a 66-year association with one of East Africa’s largest media houses.
In a statement issued Tuesday, AKFED said it had entered into an agreement to sell 100 percent of its shareholding in NPRT Holdings Africa Limited to Taarifa Limited, a company owned by Tanzanian businessman Rostam Aziz.
NPRT Holdings Africa Limited holds a 54.08pc stake in Nation Media Group, which publishes several leading media brands across East Africa, including the Daily Nation, The EastAfrican, and Business Daily.
End of a historic ownership era
The transaction marks a major shift in the ownership structure of the media company founded in 1959 under the vision of Aga Khan IV, who established the original newspaper as part of efforts to promote independent journalism in East Africa.
AKFED said the deal concludes a partnership that has shaped the development of independent media in the region for more than six decades.
“At pivotal moments, Nation Media Group has served as a cornerstone of society, providing a platform for voices that might otherwise go unheard,” said AKFED director Sultan Allana.
He added that the organisation was confident the company would continue to uphold the values of independent journalism.
Shares to remain listed
According to the announcement, the sale involves AKFED’s holding through NPRT Holdings Africa Limited, which was established recently as part of an internal shareholder restructuring within the media group.
The transaction does not immediately affect the listing of NMG shares on the Nairobi Securities Exchange, where the company is traded and cross-listed on other regional exchanges.
Taarifa Limited said it does not currently plan a mandatory or voluntary offer for the remaining shares in Nation Media Group and has no immediate intention to delist the company from any securities exchange.
At the close of trading on Tuesday, Nation Media Group shares were valued at Sh13.25, giving the NPRT-held stake a market valuation of roughly Sh1.23 billion.
Strategic expansion plans
Taarifa Ltd said it plans to expand the media group’s operations through further investments, particularly in digital transformation and audience growth.
The company said it intends to strengthen NMG’s ability to connect with audiences while building on its legacy as one of the region’s most influential news organisations.
Nation Media Group currently operates more than 30 brands across print, broadcast, and digital platforms, reaching an estimated 62 million digital users and employing over 1,000 professionals in the region.
Media education to continue
Despite the divestiture, AKFED said it will continue supporting media development through the Aga Khan University Graduate School of Media and Communications.
The school, launched in 2015, trains journalists and media professionals across East Africa and has graduated hundreds of postgraduate students working in newsrooms and communication institutions across the region.
New ownership phase
Rostam Aziz, who founded Taarifa Limited, is an East African entrepreneur with investments across media, mining, telecommunications, agriculture, and infrastructure.
He previously co-founded Tanzania’s Mwananchi Communications Limited, publisher of The Citizen and Mwananchi, which was later acquired by Nation Media Group.
“We are honored and excited to become the majority shareholder of Nation Media Group,” Aziz said in the statement.
“We will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
