The Aga Khan Fund for Economic Development S.A. (AKFED) has entered into an agreement to sell its 100 percent shareholding in the Nation Media Group PLC (NMG) to Taarifa Ltd, a company owned by Tanzanian businessman Rostam Azizi.
Mr Azizi has vast business interests across multiple sectors, including media, mining, telecommunications, agriculture, real estate, port facilities, energy, and construction.
AKFED in a statement Tuesday announced that it had entered into an agreement to sell its entire shareholding in NPRT Holdings Africa Limited (NPRT) to Taarifa Ltd. NPRT holds a 54.08% shareholding in the Nation Media Group.
The transaction marks the conclusion of AKFED's 66-year association with NMG, which began in 1959.
“NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG's digital growth, enabling the group to strengthen its connection with customers and build on its long-standing tradition of public interest journalism,” said Akfed and Taarifa Ltd in a joint statement.
The transaction is expected to conclude within three to four months, subject to obtaining regulatory approvals.
Taarifa Ltd has confirmed that it does not plan to buy out the remaining NMG shares or to delist on any of the other three securities exchange where it is cross-listed. NMG shares are listed on the Nairobi Securities Exchange as well as the Uganda Securities Exchange, the Dar es Salaam Stock Exchange and the Rwanda Securities Exchange.
His Highness the Aga Khan IV founded NMG with the vision of providing Kenya a free, independent press to help in promoting democratic society. It began as a modest Kiswahili-language newspaper called Taifa Leo.
