The Aga Khan Fund for Economic Development (AKFED) has reshuffled its ownership of Nation Media Group (NMG), East Africa’s largest listed media company, by moving its 54.08% controlling stake to NPRT Holdings Africa Ltd, a company fully owned by AKFED.
The deal, approved by Kenya’s Capital Markets Authority (CMA), ends AKFED’s decades-long role as NMG’s majority shareholder and paves the way for a new era in the group’s ownership and strategy.
In a public notice, NPRT confirmed it had been granted a waiver from Regulation 4 of the Takeovers and Mergers Regulations, exempting it from making a mandatory takeover bid to minority shareholders.
“NPRT is therefore exempted from making a mandatory take-over offer to the remaining shareholders of NMG and does not intend to acquire any additional shares,” the company said.
Although the transaction transfers control to NPRT, AKFED is not completely selling its stake. Instead, AKFED is combining its NMG shares under NPRT. This is meant to make management simpler and could give NMG more independence to run its operations.
The ownership change comes at a time when NMG is grappling with ongoing financial challenges. In its half-year results to 30 June 2025, the company reported a net loss of Shs1.3 billion ($361,000), an improvement from a Shs9.5 billion ($2.65 million) loss during the same period in 2024.
Turnover slipped to Shs82.3 billion ($8.15 million) from Shs87.2 billion ($8.6 million) last year, while cost-cutting measures and restructuring lowered operating expenses by 5.2%. A stronger focus on digital content helped improve gross profit margins to 40.7%.
However, shrinking print circulation, surging production costs, and weak advertising revenues continue to weigh heavily on the company. In response, NMG has scaled back some print editions, laid off staff, and expanded into podcasts, newsletters, video content, and other digital-first products aimed at younger audiences.
Who is NPRT Holdings Africa?
NPRT Holdings Africa, incorporated in Kenya, is an investment holding firm with interests in media, technology, and strategic infrastructure. Its acquisition of NMG marks one of the most significant shifts in East Africa’s media landscape in recent decades.
NMG’s Regional Footprint
Founded in 1960, Nation Media Group is the most diversified media company in East Africa, with assets across print, broadcast, and digital platforms:
Kenya: Daily Nation, Business Daily, Saturday Nation, Sunday Nation, Taifa Leo, NTV Kenya, Nation FM
Uganda: Daily Monitor, Saturday Monitor, Sunday Monitor, NTV Uganda, Dembe FM, KFM
Tanzania: The Citizen, Mwananchi, Mwanaspoti
Rwanda: The EastAfrican (regional weekly)
Digital: Nation.Africa, NTV streaming apps, podcasts, newsletters, and social media channels
With this new ownership, stakeholders across the region will be watching closely to see how NPRT reshapes the strategy of a company long regarded as a pillar of independent journalism in East Africa.
