Tanzanian businessman and former politician Rostam Aziz is set to become the largest shareholder in Nation Media Group (NMG) following a planned exit by the Aga Khan Fund for Economic Development (AKFED), which has been the company’s main shareholder for decades.
In a notice to shareholders, AKFED said it intends to transfer its stake in Nation Media Group through a reorganization involving NPRT Holdings Africa Limited, a company that is expected to be acquired by Taifa Ltd, a firm owned by Aziz.
AKFED currently holds about 40.8 percent of shares in Nation Media Group, making it the company’s biggest shareholder. The transaction will mark the end of the Aga Khan group’s 66-year involvement in the regional media house.
Nation Media Group is one of East Africa’s largest media organizations. It owns several outlets including the Daily Nation, Business Daily, The EastAfrican, and NTV, among other platforms operating across the region.
The value of the deal has not been made public.
The company said its shares will continue trading on the Nairobi Securities Exchange and other regional markets, and that the process remains subject to the required regulatory approvals.
