The Aga Khan Fund for Economic Development (AKFED) has agreed to sell all its shares in NPRT Holdings Africa Limited, the company that controls a 54.08% stake in Nation Media Group (NMG).
The shares have been bought by Taarifa Ltd, a company owned by East African businessman Rostam Azizi. Once the deal is completed, Taarifa Ltd will become the largest shareholder in Nation Media Group.
The sale brings to an end AKFED’s 66-year relationship with the media company, which started in 1959.
Azizi is already involved in the media industry in the region. He has business interests in Habari Corporation, a media house based in Tanzania.
Despite selling its stake in Nation Media Group, AKFED said it will continue supporting journalism through the Aga Khan University Graduate School of Media and Communications (GSMC). The school, launched in 2015, has trained thousands of journalists and media professionals across East Africa.
AKFED Director Sultan Allana expressed confidence that Nation Media Group will maintain the principles that have guided it for decades.
Nation Media Group runs several media outlets in the region, including NTV Uganda and Daily Monitor. The company operates print, broadcast, and digital platforms across Kenya, Uganda, Tanzania, and Rwanda.
