The Capital Markets Authority has exempted NPRT Holdings Africa Limited from making a mandatory takeover offer to minority shareholders of Nation Media Group Plc (NMG), clearing a key hurdle in Aga Khan Fund for Economic Development’s (AKFED) planned internal reorganisation of its majority stake in the media house.
- •In a public notice dated September 18, NPRT said the regulator granted the exemption on September 10 under the Capital Markets (Take-overs and Mergers) Regulations, 2002.
- •The exemption allows NPRT to acquire AKFED’s 54.08% stake in NMG without triggering a compulsory offer for the remaining issued shares.
- •AKFED, a Swiss-based development institution, directly owns 92,618,177 ordinary shares in NMG and plans to transfer the shares to NPRT, its wholly owned Kenyan subsidiary, as part of a restructuring to hold its interest through a locally incorporated entity.
NPRT confirmed it does not intend to acquire additional shares in NMG and will only hold the transferred stake. The transaction will proceed once all remaining regulatory approvals are obtained, including from the Nairobi Securities Exchange and the Communications Authority of Kenya.
NMG Shareholder Base and Listing
NMG separately issued a cautionary statement on July 31 notifying shareholders of the proposed reorganisation and said further updates will be provided as the process advances.
The company will retain its listings on the Nairobi, Uganda, Rwanda, and Dar es Salaam stock exchanges.As of December 31, 2024, NMG’s ten largest shareholders held 72.38% of its issued shares, with AKFED as the largest at 54.08%. Other major holders include Alpine Investments (12.29%), Standard Chartered Nominees (1.47%), and Kenya Commercial Bank Nominees (1.46%).
