Gerald Kyalo. (geraldbway).
The Aga Khan Fund for Economic Development (AKFED) has sold its 100% shareholding in NPRT Holdings Africa Limited, which holds 54.08% of Nation Media Group (NMG), to Taarifa Ltd, owned by East African businessman Rostam Azizi. This marks the end of AKFED's 66-year association with NMG, which began in 1959.
Azizi, who has prior experience in East African media, currently holds interests in Tanzanian media house Habari Corporation. AKFED emphasized that its commitment to journalism will continue through the Aga Khan University Graduate School of Media and Communications (GSMC), which has trained thousands of journalists and media professionals in East Africa since its launch in 2015.
"We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades," said Sultan Allana, AKFED Director. The sale is part of a larger trend of localizing ownership of media houses in East Africa.
The transaction is subject to regulatory approvals, including from the Capital Markets Authority and the Communications Authority of Kenya. NMG, which is listed on the Nairobi Securities Exchange and cross-listed on other regional exchanges, is one of East Africa's leading media houses.
Azizi, who has prior experience in East African media, currently holds interests in Tanzanian media house Habari Corporation. AKFED emphasized that its commitment to journalism will continue through the Aga Khan University Graduate School of Media and Communications (GSMC), which has trained thousands of journalists and media professionals in East Africa since its launch in 2015.
"We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades," said Sultan Allana, AKFED Director. The sale is part of a larger trend of localizing ownership of media houses in East Africa.
The transaction is subject to regulatory approvals, including from the Capital Markets Authority and the Communications Authority of Kenya. NMG, which is listed on the Nairobi Securities Exchange and cross-listed on other regional exchanges, is one of East Africa's leading media houses.
