Nation Media Group (NMG) has issued a cautionary announcement after receiving notice of a proposed transaction that could result in a change in its ownership structure ahead of takeover by Tanzanian businessman Rostam Azizi.
In a notice dated March 11, 2026, NMG said it was served with a notice of intention on March 10 by Taarifa Ltd, a private investment firm, indicating its plan to acquire 100 percent of NPRT Holdings Africa Limited.
According to the notice, NPRT is a wholly and beneficially owned subsidiary of AKFED incorporated in the Republic of Kenya, and currently holds 92,618,177 shares, representing 54.08% of the total issued shares in NMG.
NMG Issues Warning
NMG has announced that Taarifa Ltd intends to acquire all the issued share capital of NPRT Holdings Africa Limited from its current owner, the Aga Khan Fund for Economic Development S.A. (AKFED).
However, the company clarified that Taarifa Ltd has indicated it does not intend to make a takeover offer for the remaining NMG shares held by minority shareholders.
“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,” read part of the statement by NMG.
Under Kenyan capital markets regulations, any investor who gains control of a listed company is usually required to make an offer to acquire the remaining shares from other shareholders.
Such an offer allows minority investors the option to exit following a change in control.
Also Read: Govt Issues Update After Flooding Hits Maasai Mara Reserve
The CMA can approve an exemption, depending on the structure and circumstances of the transaction.
Regulatory Review and Market Impact
Nation Media Group said the proposed deal is also subject to other regulatory approvals normally required in cross-border corporate transactions.
Regulators are expected to review the exemption request as the proposed transaction moves forward.
“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. Further announcements will be made in due course to keep shareholders and the public informed of any material developments regarding the Proposed Transaction,” NMG announced.
If approval is granted, Taarifa Ltd would gain indirect control of the majority stake in Nation Media Group through NPRT without being required to buy shares from other investors in the market.
Until these approvals are obtained and the deal is completed, NPRT Holdings Africa Limited will remain under the ownership of AKFED.
The media company said it issued the cautionary notice to ensure transparency and to keep investors informed about a development that could influence the trading of its shares.
Also Read: Safaricom to Introduce Privacy Feature Limiting Sender Details in Transactions: How It will Work
NMG advised shareholders and potential investors to consider the information carefully when dealing in the company’s stock and to seek professional advice if necessary.
“Shareholders and potential investors are accordingly advised to take note of the above information when dealing in the shares of NMG and to seek professional advice where necessary,” NMG concluded.
Taarifa Ltd
Taarifa Ltd is a private investment company owned by Tanzanian billionaire Rostam Aziz.
The firm was created as the investment vehicle through which Aziz is acquiring a controlling stake in Nation Media Group.
Rostam Aziz is an East African entrepreneur with investments across media, mining, telecommunications, agriculture, energy, and real estate.
He previously helped establish newspapers in Tanzania and also holds interests in the Tanzanian media firm Habari Corporation.
