Kenya’s CMA cleared NPRT, an Aga Khan-owned unit, to acquire AKFED’s 54% stake in Nation Media without a takeover bid. Deal expected in Q4 2025.
Kenya’s Capital Markets Authority has approved a plan by NPRT Holdings Africa Ltd. to acquire the Aga Khan’s controlling stake in Nation Media Group Plc without making a buyout offer to minority investors.
The exemption, granted on Sept. 10, covers the transfer of 92.6 million shares — or 54.08% of NMG — from the Swiss-based Aga Khan Fund for Economic Development (AKFED) to NPRT, its Nairobi subsidiary.
Why It Matters
Takeover rules in Kenya usually force investors who cross 50% ownership to make a full offer for the rest of the company. Regulators said this case was different because AKFED already controls the business.
“This exemption lets the deal proceed while protecting investor interests,” the CMA said.
The share transfer, first announced in July, still requires approval from the Nairobi Securities Exchange and the Communications Authority of Kenya. Closing is expected in Q4 2025.
Market Impact
Nation Media’s stock ended flat on Monday at KES 15.20. Analysts said investors see little change in direction.
“This is an internal restructure, not a new takeover,” said Faith Atiti, head of research at NCBA Group.
NPRT Explained
NPRT Holdings Africa was created in 2019 as a wholly owned arm of AKFED. Its mandate is to manage East African investments locally and cushion them from regulatory and tax shocks.
“This is about localisation, not retreat,” said James Mworia, chief executive of Centum Investment.
Nation Media, founded in 1960, is East Africa’s biggest independent media house. It runs the Daily Nation, The East African, Daily Monitor, and multiple TV and digital brands.
The company is listed on exchanges in Nairobi, Kampala, Kigali, and Dar es Salaam. At the end of 2024, its 10 largest investors held 72.38% of shares. AKFED led with 54.08%, followed by Alpine Investments at 12.29%. This May, the CMA approved a rights issue to Kenya’s oldest media house , the Standard Media Group,to fund digital reinvention amid media disruption and legacy debt challenges.
In a July 31 statement, Nation Media told shareholders the restructure would not affect operations or editorial independence.
Signals for Investors
Kenya’s regulator is showing flexibility. Similar exemptions have been made in South Africa and Nigeria, where global funds use local units to hedge currency risks.
“This decision shows pragmatism without undermining minority shareholders,” said Renee Ngamau, a Nairobi-based governance expert.
Aga Khan’s Wider Bet
AKFED, founded in 1963, invests in companies that blend profit with development. It employs more than 80,000 people in sectors from banking and insurance to energy, tourism, and media.
In Kenya, AKFED also owns Jubilee Insurance, Diamond Trust Bank, and Serena Hotels. Nation Media has long been its flagship in journalism.
“This restructuring strengthens its base,” said Ngamau. “It ensures AKFED remains anchored in East Africa.”
What’s Next
Once approvals are completed, AKFED’s 54% stake will move into NPRT. The structure will sit under Kenyan law, giving Nation Media a firmer local base.
“This is a long-term bet on East Africa’s growth story,” said Atiti of NCBA.
For investors, the signal is clear: the Aga Khan is not pulling back from media in the region. He is digging in deeper.