Aga Khan Fund for Economic Development has announced a deal to sell 100 percent of its shareholding in Nation Media Group (NMG) under NPRT Holdings Africa.
In a notice, AKFED says it will sell its 100 percent in NPRT Holdings Africa Ltd to Taarifa Ltd.
“NPRT holds a 54 percent shareholding in National Media Group (NMG) comprising 92,618,177 ordinary shares,” says the fund.
The transaction the fund says will mark the end of its 66 year old association with NMG, which is a regional media power house.
Taarifa Ltd it says is owned by businessman Rostam Azizi, who is also the co-founder of Mwananchi Communications in Tanzania. He also has interests in Habari Corporation , a media house in Tanzania.
The transaction the fund says will be subjected to regulatory regulations in the next three to four months.
”Taarifa Ltd has confirmed that it does not currently contemplate a mandatory or voluntary offer of remaining NMG shares or delisting on any security exchanges. NMG shares will continue to trade on the Nairobi Securities Exchange (NSE) and its cross listed exchanges,” the fund adds