The Aga Khan Fund for Economic Development (AKFED) has announced the sale of its controlling stake in Nation Media Group (NMG), bringing to an end a 66-year relationship with the region’s largest independent media house.

In a statement issued in Geneva on March 10, AKFED said it had agreed to sell its 100 percent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company owned by Tanzanian businessman Rostam Azizi.

“NPRT Holdings Africa Limited holds a 54.08 percent stake in Nation Media Group PLC, equivalent to 92,618,177 ordinary shares,” the statement read in part.

AKFED said the transaction marks the conclusion of its long-standing association with the media group, which began in 1959 when the Aga Khan backed the creation of an independent press during the colonial period.

“Under the new ownership, NMG is expected to intensify its digital transformation and expand its reach across the region,” the statement added.

Taarifa Ltd said it is committed to supporting the media house’s transition by investing in digital growth and strengthening its connection with audiences.

Nation Media Group was also among the first media companies in Africa to list on a securities exchange, with its shares trading on the Nairobi Stock Exchange since 1973.