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Aga Khan Fund sells Nation Media Group to Rostam Azizi

Aga Khan Fund for Economic Development (AKFED) has announced an agreement to sell its entire controlling stake in Nation Media Group PLC (NMG) to Taarifa Ltd, a company owned by Tanzanian businessman and billionaire Rostam Azizi (also known as Rostam Abdulrasul Aziz).
Key Details of the Transaction:
1. AKFED is selling 100% of its shareholding in NPRT Holdings Africa Limited, which holds 54.08% of NMG (approximately 92.6 million ordinary shares). This gives Taarifa Ltd effective majority control of the Nairobi-listed media company.
2. The deal ends AKFED's 66-year association with NMG, which dates back to its founding support in 1959.
3. Rostam Azizi, a prominent East African entrepreneur with interests in media (including past involvement with Tanzania's Habari Corporation and Mwananchi Communications, now part of NMG), mining, telecom, real estate, and more, becomes the new majority shareholder through this acquisition.
4. The transaction is subject to regulatory approvals from capital markets authorities in Kenya and potentially other East African exchanges where NMG is listed or cross-listed.
5. Azizi has expressed commitment to supporting NMG's continued growth and independence as one of East Africa's leading media houses, operating brands like Nation, NTV, The EastAfrican, and others across Kenya, Uganda, Tanzania, and Rwanda.
This marks a significant shift in ownership for NMG, East Africa's largest independent media group, amid broader challenges in the traditional media sector. The announcement came via statements from AKFED and has been widely reported by outlets including Nation Africa, Capital FM, TechCabal, and others.
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