In 2016, the Media Services Act was enacted in Tanzania, which amongst other measures, limits foreign ownership in a print media enterprise to 49%.
This measure affected the ownership of Mwananchi Communications Limited, a fully owned subsidiary of NMG.
In conformity with the provisions of the Act, NMG has taken steps to comply with the law and identified a potential investor and has sought approval from the relevant authorities to ensure full compliance.
We wish to reassure our stakeholders that we continue to be committed to delivering value in line with their expectations.
- Ends –
For further details contact: Francis Nanai u Managing Director, Mwananchi Communications Limited u Email: firstname.lastname@example.org
About Nation Media Group
Nation Media Group (NMG) was founded by His Highness the Aga Khan in 1959. It was publicly-listed in the Nairobi Stock Exchange since the early 1970s and is the most successful media company in East and Central Africa that currently boasts the largest digital footprint with visitors reaching more than 30 million monthly.
It has operations in print, broadcast and digital media, which attract and serve unparalleled audiences in Kenya, Uganda, Tanzania and Rwanda.
The Group publishes the Daily Nation, Business Daily and Taifa Leo newspaper brands in Kenya, The EastAfrican regional newspaper; the Daily Monitor and Enyanda in Uganda, and Mwananchi, The Citizen and Mwanaspoti newspapers in Tanzania and a raft of e-papers and the largest portfolio of digital assets.
Also in its stable are NTV Kenya, and NTV and Spark television stations as well as KFM and Dembe radios in Uganda. It also owns the Nation FM radio in Kenya.