GENEVA — The Aga Khan Fund for Economic Development announced Tuesday it will sell its majority shareholding in Nation Media Group PLC, ending a partnership that spanned more than 66 years.
The fund, known as AKFED, entered into an agreement to sell its 100 percent stake in NPRT Holdings Africa Limited to Taarifa Ltd. NPRT holds a 54.08 percent shareholding in NMG, representing more than 92.6 million ordinary shares.
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The transaction marks the conclusion of a relationship that began in 1959. NMG, which started as a modest Kiswahili-language newspaper called Taifa Leo, has grown into a regional conglomerate with more than 30 brands across four countries.
AKFED Director Sultan Allana said the fund is proud of its role in building one of Africa’s most respected media institutions.
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, Allana said in a statement.
NMG is expected to focus on digital transformation and growth under the new ownership. Taarifa Ltd. indicated it is committed to supporting this transition and strengthening the group’s connection with its 62 million digital users.
The media group has been a significant player in East Africa’s democratic development. Its flagship publication, the Daily Nation, was first published March 20, 1960. NMG became one of the first media companies in Africa to list on a securities exchange when it began trading on the Nairobi Stock Exchange in 1973.
The group currently employs more than 1,000 professionals across the region.
