Nation Media Group Issues Warning to Shareholders Over Planned Acquisition

Nation Media Group (NMG) has issued a notice to its shareholders and the public regarding a planned acquisition.

In a statement on Wednesday, March 12, the media company said it had been notified of an intended transaction involving the purchase of shares held by Aga Khan Fund for Economic Development (AKFED) through NPRT Holdings Africa Limited (NPRT).

"The Board of Directors of Nation Media Group PLC (NMG or the Company) wishes to inform its shareholders and the general public that on 10 March 2026, NMG was served with a notice of intention by Taarifa Ltd of Taarifa's intention to acquire 100% of the issued share capital of NPRT Holdings Africa Limited (NPRT) from Aga Khan Fund for Economic Development S.A. (AKFED)," the notice read.

NMG clarified that the acquiring firm had indicated it would not pursue a full takeover of Nation Media Group despite the proposed transaction.

"Taarifa has indicated that it does not intend to make a takeover for the remaining issued share capital in NMG and will apply to the Capital Markets Authority of Kenya for an exemption in this regard. The completion of the Proposed Transaction is also subject to receipt of all required regulatory approvals customary in a transaction of this nature in all applicable jurisdictions," the notice added.

NMG cautioned its shareholders and potential investors to be careful when trading the company’s shares in light of the information.

"Shareholders and potential investors are accordingly advised to take note of the above information when dealing in the shares of MG and to seek professional advice where necessary," the notice concluded.

In a statement on Tuesday, March 10, AKFED said it has agreed to sell its 100 percent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd. 

NPRT currently holds a 54.08 percent stake in Nation Media Group, representing 92,618,177 ordinary shares.

The transaction will transfer majority ownership of the media house to the new investor, pending regulatory approvals.

AKFED Director Sultan Allana expressed pride in the role the development institution has played in building the media house over the decades.

"AKFED is proud of its contribution to building one of Africa’s most respected media institutions. 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," he said.

The buyer, Taarifa Ltd, is owned by East African businessman Rostam Azizi, who has experience across several sectors including media, telecommunications, mining, agriculture, and construction. 

Azizi also previously co-founded Mwananchi Communications Limited, which launched publications such as Mwananchi, The Citizen, and Mwanaspoti in Tanzania before they were later acquired by Nation Media Group.

Azizi said the new ownership intends to preserve the editorial independence of the media organisation while supporting its growth and digital evolution.

"We are honored and deeply committed to becoming the majority shareholder of Nation Media Group. NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation," he said.