The Aga Khan Fund for Economic Development (AKFED) has announced the sale of its entire stake in NPRT Holdings Africa Limited, the holding company that controls a majority share of Nation Media Group (NMG).
NPRT Holdings Africa owns 54.08% of Nation Media Group, making it the media house’s largest shareholder.
Through the transaction, AKFED has transferred its 100% shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, marking the end of a 66-year relationship with Nation Media Group that began in 1959.
The new majority shareholder, Taarifa Ltd, is owned by East African businessman Rostam Azizi. Azizi already has experience in the region’s media industry and holds interests in Habari Corporation, a Tanzanian media company.
Despite exiting its ownership in Nation Media Group, AKFED stated that it will continue supporting journalism and media development in the region through the Aga Khan University Graduate School of Media and Communications (GSMC).
The institution, which opened in 2015, has trained thousands of journalists and media professionals across East Africa.
Speaking on the transition, AKFED Director Sultan Allana expressed confidence that the media house will maintain its longstanding commitment to quality journalism.
“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 said.
The Aga Khan network maintains a significant presence in Kenya through various investments and institutions. These include major real estate properties managed by Property Development and Management Limited (PDM) such as Nation Centre, IPS Building, and Vienna Court.
The network also runs the Aga Khan University Hospital in Nairobi alongside nearly 100 medical centres across the country.
In addition, AKFED holds major investments in tourism through Serena Hotels, as well as in industry and financial services across the region.
