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The Aga Khan Fund for Economic Development (AKFED) has restructured its shareholding in Nation Media Group (NMG), East Africa’s largest listed media company, by transferring its 54.08% controlling stake to NPRT Holdings Africa Ltd, a fully owned AKFED investment entity.
Kenya’s Capital Markets Authority (CMA) approved the transaction and granted NPRT an exemption from making a mandatory takeover offer to minority shareholders.
“NPRT is therefore exempt from making a mandatory takeover offer to NMG’s remaining shareholders and does not plan to acquire additional shares,” the company said in a public notice.
While the deal shifts control to NPRT, it does not represent AKFED’s full divestment.
Instead, it consolidates AKFED’s NMG holdings under NPRT, a move analysts suggest will streamline governance and possibly grant NMG more operational independence under a dedicated holding structure.
This restructuring comes amid ongoing financial challenges.
For the half-year ending June 30, 2025, NMG reported a net loss of Shs1.3 billion (USD 361,000), a significant improvement from the Shs9.5 billion (USD 2.65 million) loss the previous year, though still negative.
Turnover slightly decreased to Shs82.3 billion (USD 8.15 million) from Shs87.2 billion (USD 8.6 million), reflecting pressure on advertising and circulation revenues.
However, operating expenses dropped by 5.2%, and the gross profit margin improved to 40.7%, driven by restructuring, cost control, and growth in digital revenue.
NMG has been shifting away from unprofitable print products, expanding its digital platforms, and exploring new revenue models such as subscriptions, branded content, and video streaming.
NMG remains the most diversified media house in East Africa, with assets including:
Kenya: Daily Nation, Business Daily, Saturday Nation, Sunday Nation, Taifa Leo, NTV Kenya, Nation FM
Uganda: Daily Monitor, Saturday Monitor, Sunday Monitor, NTV Uganda, Dembe FM, KFM
Tanzania: The Citizen, Mwananchi, Mwanaspoti
Regional: The EastAfrican
Digital: Nation.Africa, NTV streaming platforms, podcasts, newsletters, and social media products