The Aga Khan Fund for Economic Development S.A. (AKFED) has announced its divestment from Nation Media Group (NMG), bringing to an end more than six decades of partnership with one of Africa’s leading media companies. The fund announced today that it has agreed to sell its 100 per cent shareholding in NPRT Holdings Africa Limited (NPRT) to Taarifa Ltd owned by Tanzanian billionaire Rostam Azizi. NPRT, which was set up last year under a shareholder rearrangement, holds a 54.08 per cent shareholding in Nation Media Group PLC (NMG), comprising 92,618,177 ordinary shares. The transaction marks the conclusion of AKFED's 66-year association with NMG, which began in 1959. “AKFED is proud of its contribution to building one of Africa's most respected media institutions,” AKFED Director Sultan Allana said in a press statement. “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,” he added. NMG owns major publications and broadcasting companies across Kenya, Uganda, Tanzania, and Rwanda. It owns The EastAfrican, NTV Kenya, Daily Monitor in Uganda, Mwananchi Communications in Tanzania, and Rwanda Today. With full control of NMG, Tanzanian billionaire Rostam Azizi is now poised to expand its media empire which includes The Citizen and Mwanaspoti newspapers, and Habari Corporation in Tanzania. “We are honored and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said in a statement. “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,” he added. NMG, listed on the Nairobi Stock Exchange (NSE) since 1973, will keep trading publicly in Nairobi and other cross-listed exchanges including the Rwanda Stock Exchange, Taarifa Ltd confirmed.
