Aga Khan Fund to exit Nation Media Group after 66 years in landmark share sale

In a major shift in East Africa’s media landscape, Aga Khan Fund for Economic Development announced plans to fully divest from Nation Media Group (NMG), ending a 66-year ownership stake in the region’s largest independent media house.

AKFED confirmed it has entered into an agreement to sell 100% of its shareholding in NPRT Holdings Africa Limited to Taarifa Limited, which is owned by Tanzanian businessman Rostam Azizi.

NPRT Holdings Africa Limited was established eight months ago as part of an internal shareholder restructuring within Nation Media Group.
The entity currently holds 92,618,177 shares in NMG, representing the Aga Khan Fund’s controlling stake.

Despite the ownership change, Taarifa Ltd stated that it does not currently intend to launch a mandatory or voluntary buyout offer for the remaining shares of Nation Media Group, nor does it plan to delist the company from stock exchanges.

As a result, NMG shares will continue trading on the Nairobi Securities Exchange and on the other regional exchanges where the media firm is cross-listed.

Based on Tuesday’s closing price of Sh13.25 per share, NPRT’s stake in Nation Media Group carries an approximate market valuation of Sh1.23 billion.

AKFED also clarified that despite the divestiture, it will continue supporting the Aga Khan University Graduate School of Media and Communications, a key regional institution for journalism training.

The transaction marks the end of a decades-long era in which the Aga Khan institutions played a central role in shaping independent media in East Africa through Nation Media Group.
Taarifa Ltd is owned by Rostam Azizi, an East African businessman, entrepreneur and cconomist with experience across multiple sectors including media, mining, telecommunications, agriculture, real estate, port facilities, energy, and construction.
With significant experience in East African media, Azizi was a co-founder and shareholder of Mwananchi Communications Limited from 2000 to 2006, where he initiated the establishment of Mwananchi, The Citizen, and Mwanaspoti newspapers, which were subsequently acquired by NMG. He currently holds interests in Habari Corporation, a media house in Tanzania.
“We are honored and deeply committed to becoming the majority shareholder of Nation Media Group,” said Azizi.
“NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”