The Aga Khan Fund for Economic Development (AKFED) has finally decided to call it quits with the Nation Media Group after more than six decades. Like, we’re talking 66 years of ownership here. They’ve agreed to sell their entire stake in NPRT Holdings Africa Ltd to Taarifa Ltd, which is owned by Tanzanian businessman Rostam Azizi.
For those who don’t know, this relationship goes way back. I mean, we’re talking 1959 when the Aga Khan IV first set up East African Newspapers and bought the Swahili paper Taifa Leo. That’s basically ancient history in media years.
Anyway, here’s what’s happening with the numbers – NPRT Holdings currently holds 54.08% of NMG, which works out to about 92,618,177 shares that are listed on the Nairobi Securities Exchange. So yeah, we’re talking controlling stake here, not some minor share shuffling.
What’s interesting is who’s buying. Taarifa Ltd is owned by Rostam Azizi, who’s pretty well known in East African business circles. And according to what they’re saying, they plan to push NMG’s digital transformation forward while keeping the group’s editorial independence intact. Whether that actually happens remains to be seen, but that’s what they’re putting out there.
This is honestly one of the biggest ownership changes we’ve seen in East African media. I mean, the Aga Khan has been the steward of this region’s largest independent media house for like, forever. It’s going to be weird not having that connection there anymore.
No word yet on what this means for day-to-day operations or if there’ll be any major changes in leadership. But yeah, definitely one to watch as things develop.
