Nation Media Group (NMG) has released a cautionary statement following notice of a proposed transaction that could reshape its ownership structure. The announcement comes ahead of a planned takeover by Tanzanian businessman Rostam Aziz.
Details of the Transaction
In a notice dated March 11, 2026, NMG confirmed it received an intention letter on March 10 from Taarifa Ltd, a private investment firm. The letter outlined plans to acquire 100 percent of NPRT Holdings Africa Limited.
NPRT, incorporated in Kenya, is a wholly owned subsidiary of the Aga Khan Fund for Economic Development S.A. (AKFED). It currently holds 92,618,177 shares, representing 54.08% of NMG’s issued share capital.
NMG’s Clarification
NMG emphasized that Taarifa Ltd intends to purchase NPRT Holdings Africa Limited from AKFED but does not plan to make a takeover offer for the remaining shares held by minority investors.
“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,” the company stated.
Under Kenyan capital markets law, any investor who gains control of a listed company is typically required to offer to buy out minority shareholders. Such offers provide investors the option to exit following a change in control.
The Capital Markets Authority (CMA), however, can grant exemptions depending on the structure and circumstances of the deal.
Market Impact and Share Performance
NMG noted that the proposed transaction remains subject to regulatory approvals across relevant jurisdictions.
“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,” the company said.
Meanwhile, NMG’s stock has shown strong momentum on the Nairobi Securities Exchange (NSE). The company closed trading on March 11, 2026, at KES 15.80 per share, up 16.2% from the previous day’s close of KES 13.60. The current share price stands at KES 16.50.
Since the start of the year, NMG has gained 36.8%, ranking eighth on the NSE in year‑to‑date performance. Over the past four weeks, the stock has added 10%, placing it 14th best on the exchange.
Trading Activity
Nation Media Group is the 37th most traded stock on the NSE over the past three months (Dec 9, 2025 – Mar 11, 2026). During this period, NMG recorded:
- 2.31 million shares traded across 2,355 deals
- A total value of KES 31.1 million
- An average daily volume of 36,718 shares, worth about KES 494,223 per session
- A high of 216,414 shares traded on February 11
- A low of 303 shares traded on December 19
This trading activity underscores heightened investor interest as ownership changes loom.
NMG explained that the cautionary notice was issued to ensure transparency and to alert shareholders to developments that could affect trading activity.
“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,” the company concluded.
