Rwanda: Nation Media Group Changes Ownership

The East African
Kenyans in Nairobi reading Nation newspapers that headline about the former US President Barack Obama's re-election on November 7, 2012.
5 August 2025
The New Times (Kigali)
By Vincent Sugira

The Aga Khan Fund for Economic Development (AKFED) has announced its intention to transfer all its shares, worth 54.08 per cent in Nation Media Group Plc (NMG) to its fully owned Kenyan subsidiary, NPRT Holdings Africa Limited, as part of an internal reorganization.

NMG is a regional media company that is listed on Nairobi Securities Exchange and cross-listed on Rwanda Stock Exchange (RSE).

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According to a regulatory notice published under Kenya's Capital Markets (Take-overs and Mergers) Regulations, the transaction involves the transfer of approximately 92.6 million ordinary shares of NMG from AKFED to NPRT.

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The shares represent 54.08 per cent of the company's issued share capital.

The notice also indicates that neither AKFED nor NPRT will be required to make a takeover offer for the remainder of the share capital of NMG.

"The reorganization is purely internal and does not involve any third-party buyers or new investors," NPRT said in the notice. "Shareholders' rights and the company's listing on the Nairobi Securities Exchange and regional exchanges will remain unaffected."

The shares will be transferred through a block trade agreement between AKFED and NPRT.

NPRT is incorporated in Kenya and is fully owned by AKFED. The notice highlights that NPRT currently does not conduct any business beyond serving as the new holding entity for the NMG shares.

In a press statement, AKFED said that the transaction would not result in any change in the company's ultimate beneficial ownership or management structure.

"Pursuant to a share transfer agreement dated 30 July 2025 entered into between AKFED and NPRT, AKFED will sell and NPRT will purchase the Shares in consideration for the issuance to AKFED of shares in the issued share capital of NPRT," the notice reads.

According to the notice, NPRT has not previously held any shares in NMG as of the date of the notice, and neither its directors nor AKFED's directors hold NMG shares in their personal capacities.

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