Nairobi, Kenya: Tanzanian billionaire Rostam Aziz has acquired a 100 per cent stake in Nation Media Group PLC (NMG) after the Aga Khan Fund for Economic Development S.A. (AKFED) agreed to sell its entire shareholding in the East African media giant.
In a statement released Tuesday, AKFED confirmed it had entered into an agreement to sell its full stake in NPRT Holdings Africa Limited (NPRT) to Taarifa Ltd, a company owned by Aziz. NPRT holds 54.08 per cent shareholding in Nation Media Group, effectively giving Taarifa Ltd full control of the media company.
The transaction brings to an end AKFED’s 66-year association with Nation Media Group, which dates back to 1959, when the Aga Khan began investing in the media house.
AKFED and Taarifa Ltd said the acquisition is expected to position the media group for the next phase of its growth, particularly in the digital media space.
“NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG’s digital growth, enabling the group to strengthen its connection with customers and build on its long-standing tradition of public interest journalism,” the two companies said in a joint statement.
Nation Media Group is one of the largest media organisations in East Africa, with operations across Kenya, Uganda, Tanzania and Rwanda, and owns several leading publications and broadcast platforms, including Daily Nation, Daily Monitor, Business Daily, NTV Uganda, NTV Kenya, The East African, The Citizen TZ, among others
Aziz, one of Tanzania’s most influential businessmen, has built a vast business empire spanning media, mining, telecommunications, agriculture, real estate, port infrastructure, energy and construction.
The acquisition signals a major shift in the ownership of one of East Africa’s most influential media institutions as it enters a new era under private ownership.
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