the East African Standard
Friday, June 13 2003

By Salome Kyuli and Judy Komen

Aga Khan to transfer his 44.73 pc shares in NMG

His Highness the Aga Khan has transferred his Nation Media Group (NMG) shares from personal account to the Aga Khan Fund For Economic Development (AKFED). The Aga Khan is the principal shareholder of NMG with 44.73 per cent shares .

AKFED is a corporate framework institution where Aga Khan is the sole owner. He founded the institution in 1962.

Said the Aga Khan: “Instead of continuing to hold this shares through my personal account, I intend to transfer them into a development company.” AKFED, which initiates activities in East Africa, has recently expanded into over 19 countries in Africa, Asia, Europe and North America. According to the group chairman Hannington Awori the withdrawal by His Highness is a transfer in a bid to ensure long term continuity of the NMG.

He said the continuity will spur the company’s growth and a new corporate strength as the media enters a new era of expansion.

He said the new development will not translate into a change in the board of directors nor its relationship between the management and the staff. At a press conference at the Nation Centre on Wednesday, Awori said the Aga Khan had already informed the Capital Markets Authority of the new development. According to Aga Khan, AKFED “does not intend to sell or transfer the shares in the foreseeable future.” Awori stated that NMG will continue to be independently managed and reporting to its own board of directors.

Editor’s note: This is a reprint of yesterday’s story that had mistakes. We regret and apologise for any embarrassment suffered.