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Nation Media Group (NMG), East Africa’s largest independent media company, owned by the Aga Khan Fund for Economic Development (AKFED), has been sold, ending Aga Khan’s 66-year relationship with the Nairobi-listed publisher.
AKFED said on Monday it would sell its 100% shareholding in NPRT Holdings Africa Limited to Taarifa Ltd., a company owned by East African businessman Rostam Azizi. NPRT holds 54.08% of Nation Media Group, controlling stake and equivalent to 92,618,177 ordinary shares.
Financial terms of the deal were not disclosed.
The transaction, which is subject to regulatory approvals, is expected to be completed within three to four months, AKFED said in a statement.
Nation Media Group, founded in 1959, publishes some of East Africa’s most influential newspapers including Daily Nation, Business Daily, Sunday Nation, The EastAfrican, Daily Monitor in Uganda and Mwananchi and The Citizen in Tanzania. The group also operates NTV Kenya and Nation FM, and its digital platforms reach more than 62 million users.
AKFED Director Sultan Allana said the organisation was proud of its role in building one of Africa’s most respected media institutions.
“We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades,” Allana said.
Taarifa Ltd. said it would support the company’s ongoing digital transformation while maintaining its editorial independence.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said. “NMG is an institution of profound importance to East Africa.”
Taarifa said it does not currently plan to make a mandatory or voluntary offer for the remaining shares or seek to delist the company from stock exchanges where it is listed.
Nation Media Group has been listed on the Nairobi Securities Exchange since 1973 and is also cross-listed in Uganda, Tanzania and Rwanda.
The Aga Khan Development Network said it will continue supporting journalism in the region through the Aga Khan University’s Graduate School of Media and Communications in Nairobi.
AKFED, part of the Aga Khan Development Network, invests in businesses across Africa and Asia in sectors including banking, insurance, industry and tourism.