Aga Khan Fund restructures $9.3 million stake in Kenya's Nation Media Group

The Aga Khan Fund for Economic Development, a Swiss for-profit entity and international development finance institution controlled by the Aga Khan V, has reorganized its holding in Nation Media Group, East Africa’s largest listed media company, by transferring its controlling stake to a new investment vehicle.

The fund moved 92.6 million shares, representing 54.08 percent of the company, to NPRT Holdings Africa Ltd., a wholly owned subsidiary, in a shift overseen by Rahim Al-Hussaini, the new hereditary Imam and the son of the late Aga Khan IV, who passed away in February.

Transition within the family

The internal transaction, valued at about $9.3 million, was cleared by Kenya’s Capital Markets Authority, which also exempted NPRT from making a mandatory takeover bid to minority shareholders—a requirement that normally applies when an investor crosses the 50 percent ownership mark.

The change comes six months after the death of Shah Karim Al-Hussayni, Aga Khan IV, who passed away in February in Lisbon at the age of 88. Beyond his role as the 49th Imam of the Shia Ismaili Muslims, he was also the founder of Nation Media Group, established in 1959 and has grown into the largest private media house in East and Central Africa, with offices in Kenya, Uganda and Tanzania.

His son, Rahim Al-Hussaini, a Brown University graduate long active in the Aga Khan Development Network, has since become the 50th hereditary Imam (Aga Khan V). The restructuring of NMG’s shareholding is one of the earliest corporate moves under his watch, designed to keep the media unit under a single holding structure within the family’s development arm.

Restructuring amid financial strain

The move comes as Nation Media Group faces continued financial pressure. For the six months to June 30, the company posted a net loss of Ksh56.3 million ($435,644), a sharp improvement from the Ksh553.5 million ($4.28 million) loss a year earlier. Turnover fell 5.7 percent to Ksh 2.99 billion ($23.4 million), weighed down by weaker advertising and circulation.

East Africa’s most diversified media house

Nation Media remains the region’s most diversified media company, with operations in Kenya, Uganda, and Tanzania, and a strong regional presence through The EastAfrican and Nation.Africa. Its portfolio includes newspapers, radio, TV, and digital platforms such as NTV streaming, newsletters, and podcasts.

The latest restructure is not just set to realign the day-to-day management but also consolidates the Aga Khan Fund’s control under a clearer structure giving the company more stability as it adapts to industry changes. Nation Media is listed on exchanges in Nairobi, Uganda, Rwanda, and Dar es Salaam—retaining its place as a rare cross-border media player at a time of leadership change, cost discipline, and rapid shifts in how audiences consume news.