The Aga Khan Fund for Economic Development (AKFED) has announced it has agreed to sell its 100% shareholding in NPRT Holdings Africa Limited (NPRT) to Taarifa Ltd, which is owned by Tanzanian businessman Rostam Azizi.
In a statement on Tuesday, Aga Khan noted that NPRT holds a 54.08% 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 the Nation Media Group, 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,” the statement read.
The completion of the transaction is subject to obtaining regulatory approvals. The transaction is expected to complete within three to four months, subject to satisfaction of all regulatory conditions.
NMG’s new largest owner, Azizi, has experience across multiple sectors, including media, mining, telecommunications, agriculture, real estate, port facilities, energy, and construction.
Mr. 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. 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,” Mr. Azizi stated.
NMG was also among the first African media companies to list on a securities exchange, with its shares trading on the Nairobi Securities Exchange since 1973.
