https://www.khaama.com/mou-signed-for-b ... ion-03523/
MoU signed for Badakhshan power transmission, Sheewa Dam construction worth $631 million
By Khaama Press / in Afghanistan / on Tuesday, 19 Mar 2019
A Memorandum of Understanding was signed for the implementation of power transmission project to Badakhshan province and construction of Sheewa Dam, the Office of the President said Tuesday.
According to a statement released by ARG Palace, the Memorandum of Understanding was signed during a ceremony which was organized in Char Chinar Palace today.
The statement further added that the Acting Minister of Energy and Water Mohamamd Gul Khulmi, Director of Da Afghanistan Breshna Sherkat Eng. Amanullah Ghalib and Representative of Aga Khan Fund for Economic Development signed the Memorandum of Understanding.
The Office of the President also added that the main purpose of the signing of Memorandum of Understanding is to pave the way the investment of 631 million US Dollars by Aga Khan Fund for Economic Development on two projects.
The statement also added that the contract duration has been considered for 30 years to resolve the issues of electricity demand and the project would be implemented in several phases with each phase to be completed over a period of 7 years.
AKDN / AKF INITIATIVES WORLDWIDE
AKDN and EU sign new €9m partnership to combat COVID-19 in East Africa, reaching 140,000 vulnerable people
The agencies involved will tackle the pandemic’s health challenges, as well as increase support for the wellbeing of communities and young people
In line with its global strategy for tackling the pandemic, the Aga Khan Development Network (AKDN) has launched a new €9 million programme in East Africa with funding from the European Union. The programme will focus on strengthening responses to the health, social and economic challenges COVID-19 continues to raise in four countries – Kenya, Mozambique, Tanzania and Uganda.
With the spread of the pandemic accelerating in recent months across Africa, many countries’ existing health systems have struggled to keep up, particularly as the virus travels into more rural areas where access to healthcare and up-to-date information on prevention is more limited. If COVID-19 is not checked, the long-term social and economic effects on the most vulnerable and marginalised communities in East Africa could be devastating.
The 30-month, multi-sector programme will help strengthen existing health responses and increase awareness of prevention strategies and support mechanisms, while also minimising the socio-economic impact of the crisis among the young and vulnerable. Funded by the European Union, it will be implemented by three AKDN agencies – the Aga Khan Foundation (AKF), the Aga Khan Health Services (AKHS) and the Aga Khan University (AKU) – alongside partner organisation, In Their Hands (ITH).
In partnership with East African governments, AKDN’s networks of clinicians and facilities will support health systems to respond effectively, including through the provision of PPE, testing kits and other medical equipment, and training health workers on COVID-19 response and management. Given the significant psychosocial impact of the pandemic, AKU will also address emerging mental health needs among health workers and young people.
At a grassroots level, AKF will work with Civil Society Organisations (CSOs) to strengthen communities’ ability to prevent and respond to COVID-19. This includes identifying and prioritising community needs, providing rapid response funds to CSOs to meet emerging needs, and disseminating messaging on prevention and protection to vulnerable groups. The CSOs are also encouraged to share stories of hope that promote solidarity during these difficult times within their communities.
Young people have been disproportionately affected by the socio-economic shocks brought about by pandemic. Gender-based violence and levels of psychosocial distress have risen across the globe, in many cases as a direct result of COVID-19. AKDN will work with partner organisation In Their Hands to address these challenges. ITH’s digital platform will help adolescents and young people – in particular, young women and girls – to access sexual and reproductive health services and livelihoods skills training. AKF will also engage with young people through remote design sessions to develop innovative business solutions that meet immediate, medium, and long-term community needs arising from the COVID-19 pandemic. It is anticipated that 140,000 individuals or 30,000 households will be supported with a variety of coping strategies to help them weather the pandemic.
Central to the way AKDN works is to ensure that the work is context-specific and has community buy-in and active participation. Engaging with CSOs (who are at the centre of community interventions), government departments and existing health systems is critical to success. By nurturing ownership, there is far greater chance that the work carried out in response to these difficult circumstances will be sustainable in the long run and benefit communities now and into the future.
https://www.akf.org.uk/akdn-and-eu-sign ... 25c8c5fc8d
******
First national investment platform launched
ISLAMABAD: The Ministry of Information Technology and Telecommunications (MoITT) and its tech innovation arm Ignite (National Technology Fund) on Tuesday launched Pakistan’s first national investment platform called PakImpactInvest, opening up new investment avenues.
The platform was launched at a ceremony attended among others by Federal Minister for IT and Telecom Syed Amin Ul Haque, IT Secretary Shoaib Ahmad Siddiqui, Ignite CEO Asim Shahryar Husain and senior officials of the ministry, Ignite and Accelerate Prosperity (AP), a joint initiative of the Aga Khan Foundation (AKF) and Industrial Promotion Services (IPS).
As part of the MoU signed between AP and Ignite, the former would assist the MoITT and Ignite as the technical advisory partner for co-designing and launching PakImpactInvest, said a press release.
It would open up new avenues for investment in startups graduating from Ignite Funded National Incubation Centres as well as other startups of Pakistan in future, the statement said.
The AP raises investments from public sector programmes, private sector groups, investment houses, venture funds and philanthropists.
Mr Haque said one of the key challenges of new technology-based startups was access to early stage and growth stage capital. “I’m sure that this initiative will bridge the gap in an efficient manner. This Ignite AP partnership looks promising to solve the financing challenge faced by our startups,” he said.
He noted that the overall environment in the country was improving and added that Bykea, one of the startups accelerated at NIC Karachi, had raised $21 million of Series B Funding.
Published in Dawn, February 10th, 2021
https://www.dawn.com/news/1606536/first ... 25c8c5fc8d
The agencies involved will tackle the pandemic’s health challenges, as well as increase support for the wellbeing of communities and young people
In line with its global strategy for tackling the pandemic, the Aga Khan Development Network (AKDN) has launched a new €9 million programme in East Africa with funding from the European Union. The programme will focus on strengthening responses to the health, social and economic challenges COVID-19 continues to raise in four countries – Kenya, Mozambique, Tanzania and Uganda.
With the spread of the pandemic accelerating in recent months across Africa, many countries’ existing health systems have struggled to keep up, particularly as the virus travels into more rural areas where access to healthcare and up-to-date information on prevention is more limited. If COVID-19 is not checked, the long-term social and economic effects on the most vulnerable and marginalised communities in East Africa could be devastating.
The 30-month, multi-sector programme will help strengthen existing health responses and increase awareness of prevention strategies and support mechanisms, while also minimising the socio-economic impact of the crisis among the young and vulnerable. Funded by the European Union, it will be implemented by three AKDN agencies – the Aga Khan Foundation (AKF), the Aga Khan Health Services (AKHS) and the Aga Khan University (AKU) – alongside partner organisation, In Their Hands (ITH).
In partnership with East African governments, AKDN’s networks of clinicians and facilities will support health systems to respond effectively, including through the provision of PPE, testing kits and other medical equipment, and training health workers on COVID-19 response and management. Given the significant psychosocial impact of the pandemic, AKU will also address emerging mental health needs among health workers and young people.
At a grassroots level, AKF will work with Civil Society Organisations (CSOs) to strengthen communities’ ability to prevent and respond to COVID-19. This includes identifying and prioritising community needs, providing rapid response funds to CSOs to meet emerging needs, and disseminating messaging on prevention and protection to vulnerable groups. The CSOs are also encouraged to share stories of hope that promote solidarity during these difficult times within their communities.
Young people have been disproportionately affected by the socio-economic shocks brought about by pandemic. Gender-based violence and levels of psychosocial distress have risen across the globe, in many cases as a direct result of COVID-19. AKDN will work with partner organisation In Their Hands to address these challenges. ITH’s digital platform will help adolescents and young people – in particular, young women and girls – to access sexual and reproductive health services and livelihoods skills training. AKF will also engage with young people through remote design sessions to develop innovative business solutions that meet immediate, medium, and long-term community needs arising from the COVID-19 pandemic. It is anticipated that 140,000 individuals or 30,000 households will be supported with a variety of coping strategies to help them weather the pandemic.
Central to the way AKDN works is to ensure that the work is context-specific and has community buy-in and active participation. Engaging with CSOs (who are at the centre of community interventions), government departments and existing health systems is critical to success. By nurturing ownership, there is far greater chance that the work carried out in response to these difficult circumstances will be sustainable in the long run and benefit communities now and into the future.
https://www.akf.org.uk/akdn-and-eu-sign ... 25c8c5fc8d
******
First national investment platform launched
ISLAMABAD: The Ministry of Information Technology and Telecommunications (MoITT) and its tech innovation arm Ignite (National Technology Fund) on Tuesday launched Pakistan’s first national investment platform called PakImpactInvest, opening up new investment avenues.
The platform was launched at a ceremony attended among others by Federal Minister for IT and Telecom Syed Amin Ul Haque, IT Secretary Shoaib Ahmad Siddiqui, Ignite CEO Asim Shahryar Husain and senior officials of the ministry, Ignite and Accelerate Prosperity (AP), a joint initiative of the Aga Khan Foundation (AKF) and Industrial Promotion Services (IPS).
As part of the MoU signed between AP and Ignite, the former would assist the MoITT and Ignite as the technical advisory partner for co-designing and launching PakImpactInvest, said a press release.
It would open up new avenues for investment in startups graduating from Ignite Funded National Incubation Centres as well as other startups of Pakistan in future, the statement said.
The AP raises investments from public sector programmes, private sector groups, investment houses, venture funds and philanthropists.
Mr Haque said one of the key challenges of new technology-based startups was access to early stage and growth stage capital. “I’m sure that this initiative will bridge the gap in an efficient manner. This Ignite AP partnership looks promising to solve the financing challenge faced by our startups,” he said.
He noted that the overall environment in the country was improving and added that Bykea, one of the startups accelerated at NIC Karachi, had raised $21 million of Series B Funding.
Published in Dawn, February 10th, 2021
https://www.dawn.com/news/1606536/first ... 25c8c5fc8d
Lessons from the lockdown: Equality, equity in education
It is now almost a year since the coronavirus pandemic forced a lock-down upon us all, disrupting lives and livelihoods.
Amid all the other hardships, more than 15 million children in Uganda have had to face an unsettled learning and development environment. And with schools only expected to open gradually, many children still face months of home learning.
As we reflect on the past year, what have we learnt? The opportunity to promote equality in education and learning must be realised.
Questions about how to support home learning and deal with the inequality of the ‘digital divide’ have become daily conversations. Government and non-government actors have had to collaborate to develop teaching materials, radio lessons and other ICT enabled solutions.
Early indications suggest that the responses by government and civil society organisations have been laudable.
A study in progress by the Norwegian Refugee Council in refugee settlements indicates that home learning packs developed by the National Curriculum Development Centre (NCDC) reached 96 per cent of homes, and 84 per cent of children were engaging with these materials.
Radio was the second most used method with examples where organisations like the Aga Khan Development Network’s Madrasa Early Childhood Programme partnered with NCDC to create content.
Other institutions, like Save the Children, supported the set-up of community radio broadcasts. Equally impressive was seeing how children and families within our communities established small learning groups while our teachers strived to provide support where they could. This feat of bringing learning support to so many in such a short time must be celebrated.
However, the experience of the past year reminds us that securing equity in learning remains a challenge.
A recent study indicates that while learning levels remained stable for higher classes and higher-level learners, there were learning relapses in lower classes and lower-level learners.
There was also evidence that girls were disadvantaged due to time being consumed by familial chores and responsibilities. This exposes how the inequity of learning persisted, even exacerbated, during school closures.
That said, nearly 70 per cent of children appear to want some form of home learning to continue even after schools open. This goes beyond the notion of homework toward a concept of learning between home and school.
This creates space for thinking about a more ‘hybrid’ approach which might be an option our children prefer.
It offers the possibility of reducing pressure on our school infrastructure and providing children with quality teacher time when in class, not merely access to overcrowded classrooms.
The Ministry of Education and Sports is committed to a back-to-school campaign to elevate the importance of every boy and girl returning to school.
The NCDC, with support of the Aga Khan Foundation, have also developed back-to-school support materials to provide concrete ways to make this happen.
The past year has demonstrated the huge capacity of Ugandans to respond to crisis. Government, civil society, communities, parents and children have worked together to achieve a common goal. Our challenge now is to draw the lessons from this effort and think about new ways of providing education beyond the school compound.
Our ambition must be to look beyond equal access if we are to achieve equitable learning for all Ugandan children.
Mr Amin Mawji OBE, Diplomatic Representative of the Aga Khan Development Network in Kampala.
https://www.monitor.co.ug/uganda/oped/c ... 25c8c5fc8d
It is now almost a year since the coronavirus pandemic forced a lock-down upon us all, disrupting lives and livelihoods.
Amid all the other hardships, more than 15 million children in Uganda have had to face an unsettled learning and development environment. And with schools only expected to open gradually, many children still face months of home learning.
As we reflect on the past year, what have we learnt? The opportunity to promote equality in education and learning must be realised.
Questions about how to support home learning and deal with the inequality of the ‘digital divide’ have become daily conversations. Government and non-government actors have had to collaborate to develop teaching materials, radio lessons and other ICT enabled solutions.
Early indications suggest that the responses by government and civil society organisations have been laudable.
A study in progress by the Norwegian Refugee Council in refugee settlements indicates that home learning packs developed by the National Curriculum Development Centre (NCDC) reached 96 per cent of homes, and 84 per cent of children were engaging with these materials.
Radio was the second most used method with examples where organisations like the Aga Khan Development Network’s Madrasa Early Childhood Programme partnered with NCDC to create content.
Other institutions, like Save the Children, supported the set-up of community radio broadcasts. Equally impressive was seeing how children and families within our communities established small learning groups while our teachers strived to provide support where they could. This feat of bringing learning support to so many in such a short time must be celebrated.
However, the experience of the past year reminds us that securing equity in learning remains a challenge.
A recent study indicates that while learning levels remained stable for higher classes and higher-level learners, there were learning relapses in lower classes and lower-level learners.
There was also evidence that girls were disadvantaged due to time being consumed by familial chores and responsibilities. This exposes how the inequity of learning persisted, even exacerbated, during school closures.
That said, nearly 70 per cent of children appear to want some form of home learning to continue even after schools open. This goes beyond the notion of homework toward a concept of learning between home and school.
This creates space for thinking about a more ‘hybrid’ approach which might be an option our children prefer.
It offers the possibility of reducing pressure on our school infrastructure and providing children with quality teacher time when in class, not merely access to overcrowded classrooms.
The Ministry of Education and Sports is committed to a back-to-school campaign to elevate the importance of every boy and girl returning to school.
The NCDC, with support of the Aga Khan Foundation, have also developed back-to-school support materials to provide concrete ways to make this happen.
The past year has demonstrated the huge capacity of Ugandans to respond to crisis. Government, civil society, communities, parents and children have worked together to achieve a common goal. Our challenge now is to draw the lessons from this effort and think about new ways of providing education beyond the school compound.
Our ambition must be to look beyond equal access if we are to achieve equitable learning for all Ugandan children.
Mr Amin Mawji OBE, Diplomatic Representative of the Aga Khan Development Network in Kampala.
https://www.monitor.co.ug/uganda/oped/c ... 25c8c5fc8d
Girls’ Education in Fragile Contexts
Video:
https://www.youtube.com/watch?v=HAAHO3sdJNI
Girls’ Education in Fragile Contexts
How to deliver a programme where the risks are high
31 March 2021 | Online Conference
9.30 am – 12.15 pm BST | 13.00 pm – 15.45 pm AFT
To mark eight years of the FCDO and USAID-funded Steps Toward Afghan Girls’ Education Success (STAGES) programme, Aga Khan Foundation UK hosted an online conference on 31 March 2021 on the topic of ‘Girls’ Education in Fragile Contexts’.
Video:
https://www.youtube.com/watch?v=HAAHO3sdJNI
Girls’ Education in Fragile Contexts
How to deliver a programme where the risks are high
31 March 2021 | Online Conference
9.30 am – 12.15 pm BST | 13.00 pm – 15.45 pm AFT
To mark eight years of the FCDO and USAID-funded Steps Toward Afghan Girls’ Education Success (STAGES) programme, Aga Khan Foundation UK hosted an online conference on 31 March 2021 on the topic of ‘Girls’ Education in Fragile Contexts’.
Accelerate Impact – AKF's new global initiative to design better programmes
By embedding the principles of Human-Centred Design into the its operations, AKF aims to make its programmes more impactful, sustainable and to nurture a culture of collaboration and innovation
Watch video at:
https://www.akf.org.uk/accelerate-impac ... 25c8c5fc8d
The context for a new design-driven innovation ecosystem
Today, the global development landscape is facing unprecedented change. Climate change, conflict, urbanisation, automation, artificial intelligence, and environmental degradation are all having a massive impact on the complexity of the challenges communities face.
This is the context in which AKF’s over 4,000 staff are currently working, and whilst inclusivity and co-creation of solutions has always been a central tenet of AKF’s approach, this raft of new challenges has highlighted the need for new and creative approaches that deliver greater value and impact – at scale.
This rationale has underpinned the development of Accelerate Impact. Through this new initiative, AKF not only formalises its inclusive approach, but also applies design-driven innovation to its programmes, ensuring creative collaboration across the organisation, the ability to scale local solutions where applicable, and deliver even greater impact to the communities it serves.
More...
https://www.akf.org.uk/accelerate-impac ... 25c8c5fc8d
By embedding the principles of Human-Centred Design into the its operations, AKF aims to make its programmes more impactful, sustainable and to nurture a culture of collaboration and innovation
Watch video at:
https://www.akf.org.uk/accelerate-impac ... 25c8c5fc8d
The context for a new design-driven innovation ecosystem
Today, the global development landscape is facing unprecedented change. Climate change, conflict, urbanisation, automation, artificial intelligence, and environmental degradation are all having a massive impact on the complexity of the challenges communities face.
This is the context in which AKF’s over 4,000 staff are currently working, and whilst inclusivity and co-creation of solutions has always been a central tenet of AKF’s approach, this raft of new challenges has highlighted the need for new and creative approaches that deliver greater value and impact – at scale.
This rationale has underpinned the development of Accelerate Impact. Through this new initiative, AKF not only formalises its inclusive approach, but also applies design-driven innovation to its programmes, ensuring creative collaboration across the organisation, the ability to scale local solutions where applicable, and deliver even greater impact to the communities it serves.
More...
https://www.akf.org.uk/accelerate-impac ... 25c8c5fc8d
Aga Khan Foundation | Reporting for Duty | Olga's Story
Video:
https://www.youtube.com/watch?v=OMtIIpMRK74
In Mozambique, 1 in 67 women die due to complications in pregnancy and childbirth; and 1 in 18 infants die before their first birthday. With the support of the Government of Canada, the #AgaKhan Foundation’s (@AKF_Global) investments in the Pemba Nursing School in Mozambique are helping to provide a better #education for young nurses like Olga Albino who are specialising in #maternal and #neonatalcare.
Video:
https://www.youtube.com/watch?v=OMtIIpMRK74
In Mozambique, 1 in 67 women die due to complications in pregnancy and childbirth; and 1 in 18 infants die before their first birthday. With the support of the Government of Canada, the #AgaKhan Foundation’s (@AKF_Global) investments in the Pemba Nursing School in Mozambique are helping to provide a better #education for young nurses like Olga Albino who are specialising in #maternal and #neonatalcare.
Learning against the odds – Matt Reed on Girls' Education in Fragile Contexts
Last month, the Aga Khan Foundation (UK) hosted a group of over 200 people dedicated to advancing girls’ education. Brought together over two days, the global audience and participants featured government ministers, international institutions, foundations, academics, international NGOs, and local organisations to share insights, challenges and lessons learned implementing a large-scale education programme in a high-risk environment.
The event marked eight-years of implementation of Steps Toward Afghan Girls Education Success (STAGES), funded under the Girls Education Challenge by the UK’s Foreign Commonwealth and Development Office (FCDO) and, more recently, by USAID. It featured keynote speeches from Alicia Herbert OBE, Director for Education, Gender and Equality at FCDO and UK Gender Envoy and from Her Excellency Rangina Hamidi, the Acting Afghan Minister of Education. The opening address was given by Dr Matt Reed, Global Director of Institutional Partnerships at AKF and CEO of AKF UK. This blog has been adapted from his remarks.
It is my distinct privilege to host this group today to discuss one of the issues our organisation feels most strongly about: how to help girls learn better, live better, and thrive – how to help them fulfil their potential and create (or seize) new opportunities. In short, how to help them have better futures.
This commitment has been fundamental to the Aga Khan Development Network (AKDN) for over a century. Among the very first institutions of what is now known as AKDN were schools in Gujarat and Tanzania, intended to help girls get an education, to improve their prospects and the prospects of their future families. In the last three decades alone, AKDN agencies have directly helped over 10 million girls get into school, stay in school, and learn in school.
Today, we continue to live this legacy through our work in 15 countries. Marginalised children and youth – especially girls – are at the centre of the Aga Khan Foundation’s education strategy.
To help them, we focus on a few broad areas:
First and foremost: improving access, but also critically, quality;
Secondly: making sure that their education is locally relevant and rooted – and that they are supported by their entire communities;
Thirdly: promoting pluralism by ensuring that classrooms are inclusive; and lastly
To achieve these things, we have to make sure that teachers are trained and supported, so we focus especially on their needs.
We are implementing this work in a variety of ways. One example draws on lessons we have learned from STAGES and seeks to apply them across multiple countries. It is called Schools2030.
More...
https://www.akf.org.uk/learning-against ... 25c8c5fc8d
Last month, the Aga Khan Foundation (UK) hosted a group of over 200 people dedicated to advancing girls’ education. Brought together over two days, the global audience and participants featured government ministers, international institutions, foundations, academics, international NGOs, and local organisations to share insights, challenges and lessons learned implementing a large-scale education programme in a high-risk environment.
The event marked eight-years of implementation of Steps Toward Afghan Girls Education Success (STAGES), funded under the Girls Education Challenge by the UK’s Foreign Commonwealth and Development Office (FCDO) and, more recently, by USAID. It featured keynote speeches from Alicia Herbert OBE, Director for Education, Gender and Equality at FCDO and UK Gender Envoy and from Her Excellency Rangina Hamidi, the Acting Afghan Minister of Education. The opening address was given by Dr Matt Reed, Global Director of Institutional Partnerships at AKF and CEO of AKF UK. This blog has been adapted from his remarks.
It is my distinct privilege to host this group today to discuss one of the issues our organisation feels most strongly about: how to help girls learn better, live better, and thrive – how to help them fulfil their potential and create (or seize) new opportunities. In short, how to help them have better futures.
This commitment has been fundamental to the Aga Khan Development Network (AKDN) for over a century. Among the very first institutions of what is now known as AKDN were schools in Gujarat and Tanzania, intended to help girls get an education, to improve their prospects and the prospects of their future families. In the last three decades alone, AKDN agencies have directly helped over 10 million girls get into school, stay in school, and learn in school.
Today, we continue to live this legacy through our work in 15 countries. Marginalised children and youth – especially girls – are at the centre of the Aga Khan Foundation’s education strategy.
To help them, we focus on a few broad areas:
First and foremost: improving access, but also critically, quality;
Secondly: making sure that their education is locally relevant and rooted – and that they are supported by their entire communities;
Thirdly: promoting pluralism by ensuring that classrooms are inclusive; and lastly
To achieve these things, we have to make sure that teachers are trained and supported, so we focus especially on their needs.
We are implementing this work in a variety of ways. One example draws on lessons we have learned from STAGES and seeks to apply them across multiple countries. It is called Schools2030.
More...
https://www.akf.org.uk/learning-against ... 25c8c5fc8d
Video Quote: On Commitment to Long Term Development Goals
Video:
https://www.youtube.com/watch?v=1JA9oEsEQa8
Video:
https://www.youtube.com/watch?v=1JA9oEsEQa8
-
mahebubchatur
- Posts: 468
- Joined: Mon Jan 13, 2014 7:01 pm
Nation Media East Africa AKDN / AKF INITIATIVES WORLDWIDE
Dear All - Jamat Leaders & members of the Noorani Family and AKF AKDN LIF IIS Ismaili Imamat
A significant constitutional development has quietly taken place in Kenya in our Jamats Constitutional entities
The Aga Khan Fund for Economic Development (AKFED) has transferred its 54.08% stake in Nation Media Group (NMG) to its wholly owned, non-trading Kenyan subsidiary, NPRT Holdings Africa Limited, as part of an internal reorganization dated 30 July 2025.
What is the Ismaili constitutional Group structure flowchart of all the entities in Kenya - East Africa - and who are all Directors - Main Boards & Executives including AKFED ?
This has been reported in a limited number of regional financial publications — including The New Times (Rwanda), Kenya Times, and Envestreet Financial — but shockingly not by Nation Media Group itself, nor by any major international outlets such as Reuters, Financial Times, or Bloomberg.
Despite this being a material change involving East Africa’s largest media institution — one that AKFED has controlled for decades — there has been no press release or coverage from Nation Media Group, nor any explanation from AKDN’s official communication channels.
Furthermore, Mr. Amin Mawji, AKDN’s Diplomatic Representative for East Africa, has made no public statement, held no community meetings, and offered no institutional presentation or interview addressing this change. This is despite his recent visibility in other forums and the serious implications this has for the Jamat and our institutions.
⸻
This raises urgent questions under ourIsmaili Constitution (11 February 2025 updated & amended) and of Imam’s Farmans:
1. Transparency:
Who are the current directors and senior officials of AKFED, NPRT, AKDN, and the Ismaili Imamat - the entities involved?
The new Constitution emphasizes accountability and disclosure — but neither the Jamat nor the public has been informed.
2. Consultation:
This reorganization impacts a major public media institution and a Jamat’s constitutional body.
Why have members of the Jamat, especially in East Africa, been excluded from consultation or kept uninformed?
There is no indication in media of a review or approval by Mawlana Hazar Imam, the Boards, or any formal advisory body of the Jamat
3. Governance & Conflict of Interest:
Without disclosing the full boards and decision-makers at AKFED, NPRT, or the Ismaili Imamat, how can the Jamat be assured there are no direct or indirect conflicts of interest? What are the actual strategic or constitutional justifications for this transfer?
4. Leadership Silence:
It is deeply troubling that no institutional leader has come forward to explain this development.
The absence of a statement from Mr. Mawji or any AKDN leader is a serious gap in accountability and institutional respect toward the Jamat.
⸻
With Mawlana Hazar Imam’s scheduled visit to East Africa beginning 25 August 2025, we respectfully urge the AKDN, AKFED, and the leaders of our constitutional bodies to provide a full, open, and timely explanation.
Our Imams have always emphasized that trust, inclusion, and transparency are foundational obligations in Farmans — not optional
We ask that this matter be fully shared and explained to the Jamat promptly and openly, in the spirit of humility, dialogue, and responsibility in Farmans and our constitution they still withhold and do not uphold
Yours sincerely,
M Chatur
Murid One Global Jamat
Link to X - & article
https://x.com/chaturmahebub/status/1952 ... hqfO552USg
A significant constitutional development has quietly taken place in Kenya in our Jamats Constitutional entities
The Aga Khan Fund for Economic Development (AKFED) has transferred its 54.08% stake in Nation Media Group (NMG) to its wholly owned, non-trading Kenyan subsidiary, NPRT Holdings Africa Limited, as part of an internal reorganization dated 30 July 2025.
What is the Ismaili constitutional Group structure flowchart of all the entities in Kenya - East Africa - and who are all Directors - Main Boards & Executives including AKFED ?
This has been reported in a limited number of regional financial publications — including The New Times (Rwanda), Kenya Times, and Envestreet Financial — but shockingly not by Nation Media Group itself, nor by any major international outlets such as Reuters, Financial Times, or Bloomberg.
Despite this being a material change involving East Africa’s largest media institution — one that AKFED has controlled for decades — there has been no press release or coverage from Nation Media Group, nor any explanation from AKDN’s official communication channels.
Furthermore, Mr. Amin Mawji, AKDN’s Diplomatic Representative for East Africa, has made no public statement, held no community meetings, and offered no institutional presentation or interview addressing this change. This is despite his recent visibility in other forums and the serious implications this has for the Jamat and our institutions.
⸻
This raises urgent questions under ourIsmaili Constitution (11 February 2025 updated & amended) and of Imam’s Farmans:
1. Transparency:
Who are the current directors and senior officials of AKFED, NPRT, AKDN, and the Ismaili Imamat - the entities involved?
The new Constitution emphasizes accountability and disclosure — but neither the Jamat nor the public has been informed.
2. Consultation:
This reorganization impacts a major public media institution and a Jamat’s constitutional body.
Why have members of the Jamat, especially in East Africa, been excluded from consultation or kept uninformed?
There is no indication in media of a review or approval by Mawlana Hazar Imam, the Boards, or any formal advisory body of the Jamat
3. Governance & Conflict of Interest:
Without disclosing the full boards and decision-makers at AKFED, NPRT, or the Ismaili Imamat, how can the Jamat be assured there are no direct or indirect conflicts of interest? What are the actual strategic or constitutional justifications for this transfer?
4. Leadership Silence:
It is deeply troubling that no institutional leader has come forward to explain this development.
The absence of a statement from Mr. Mawji or any AKDN leader is a serious gap in accountability and institutional respect toward the Jamat.
⸻
With Mawlana Hazar Imam’s scheduled visit to East Africa beginning 25 August 2025, we respectfully urge the AKDN, AKFED, and the leaders of our constitutional bodies to provide a full, open, and timely explanation.
Our Imams have always emphasized that trust, inclusion, and transparency are foundational obligations in Farmans — not optional
We ask that this matter be fully shared and explained to the Jamat promptly and openly, in the spirit of humility, dialogue, and responsibility in Farmans and our constitution they still withhold and do not uphold
Yours sincerely,
M Chatur
Murid One Global Jamat
Link to X - & article
https://x.com/chaturmahebub/status/1952 ... hqfO552USg
-
mahebubchatur
- Posts: 468
- Joined: Mon Jan 13, 2014 7:01 pm
AKFED -Nation Media Group AKDN / AKF INITIATIVES WORLDWIDE
Subject: Follow‑Up: Hive‑Down Transfer of Nation Media Group (NMG) Shares – Implications for Governance & Ismaili Constitutional Oversight
Further to our previous communication above we need to emphasize key findings regarding the transfer of AKFED’s 54.08% stake in Nation Media Group (NMG) to NPRT Holdings Africa Limited, a wholly owned non trading Kenyan subsidiary, of AKFED effective 30 July 2025.
What has occurred is legally structured as a hive-down. While AKFED reportedly retains beneficial ownership, effective operational control has been relocated to a new local entity in Kenya—with no public disclosure of the current or new directors and shareholders of either AKFED or NPRT.
⸻
Hive‑Down: What It Means & Why It Matters
A hive-down is a legal mechanism used to transfer business operations or shareholdings into a subsidiary. Though beneficial ownership remains unchanged, governance, jurisdiction, and oversight often shift significantly.
In this case, for an institution like AKFED, which falls under the Ismaili constitutional umbrella, such changes raise serious governance and transparency concerns:
• A new jurisdiction (Kenya) now governs the entity.
• Executive management and directors are local, or international but remain undisclosed.
• The Jamat has not been informed—despite this being a material constitutional and an institutional change.
Archived restructuring notices suggest that potential motivations for this reorganization could include:
• Compliance with local legal and regulatory requirements
• Taxation and operational restructuring
• Consolidated regional control over media operations
While these may be standard commercial practices, when implemented by Imamat-aligned constitutional entities, they must be accompanied by disclosure inclusion and engagement consistent with the Ismaili Constitution and Farmans.
⸻
Institutional & Constitutional Concerns
1. No Disclosure of Directors or Shareholders
Despite Kenya’s legal registry requirements, no media outlet—including NMG itself—has published or reported the names of NPRT’s directors or shareholders.
This is surprising, as CR12 records are routinely accessed by journalists and public stakeholders.
2. Shift in Governance Control
Although AKFED remains the beneficial owner, it is now clear that executive oversight and legal control of the NMG stake rest locally in Kenya. The directors of NPRT—unlike AKFED’s previously known leadership based in Geneva—are undisclosed.
They likely include members of the AKDN–AKFED–Imamat network, such as Mr. Amin Mawji, who holds concurrent positions as the AKDN Representative, Imamat Diplomatic Envoy, and likely regional governance authority for East Africa.
3. Potential Conflicts of Interest
In addition to NPRT’s majority stake in NMG, other major shareholders listed include entities such as Jubilee Life Insurance, Kenya Reinsurance, and nominee accounts—many of which are linked to the AKDN Jamats family of institutions.
This overlap raises an urgent question:
If the institutions that hold, direct, and benefit from media ownership are the same ones being covered by it—can that media remain independent & impartial?
4. Constitutional Transparency & Community Rights
The 11 February 2025 updated Ismaili Constitution and Farmans from Mawlana Hazar Imam underscore the Jamat’s right to information, inclusion, and accountability from its institutions. These are still witheld
The Jamat was neither informed nor included or consulted about this significant structural change involving an entity under our Ismaili Constitution.
What Hazar Imam confirmed
AGA KHAN FARMAN
AKDN
11 JULY 2007
In deciding to let this network (AKDN) come into place, a number of considerations - a number of basic principles - had to be taken into account, aid I wish to share with you today My thoughts on these issues.
* First, any area of activity has to benefit the Jamaat immediately, or in the readily foreseeable future. If we had existing institutions already in place, any new initiative has to complement them. Such activites have to have a recognisable, beneficial national impact, or one for the region geographically, or for the Ummah
* The sum of any new activities has to contribute to a meaningful strengthening of civil society, for it is clear that in our times and in many countries it is the health of civil society which can compensate for government underperformance.
* The network has to aim at socal as well as economic objectives - bringing positive support to both the social and the economic components of the national development process.
* We have to give care to rural as well as urban con-cerns, improving the quality of life for the rural Jamats as for the urban ones.
⸻
Appendix: Summary of the Official Reorganization Notice
The key points from the formal regulatory filing are as follows:
• 92,618,177 shares (54.08%) in NMG transferred from AKFED to NPRT Holdings Africa Limited.
• NPRT is wholly owned by AKFED. No external party is involved.
• NPRT applied to the Capital Markets Authority (CMA) for exemption from a mandatory takeover offer, citing no change in ultimate ownership.
• Major NMG shareholders include AKFED, Alpine Investments Ltd, Jubilee Life, and others.
• The stated intent is that no operational or governance changes are expected.
• However, neither AKFED nor NPRT have disclosed their current directors or shareholders.
The full public notice is appended below for transparency.
⸻
Request for Disclosure & Transparency
In light of the above, we respectfully request that AKFED, NPRT, AKDN, and the Ismaili Imamat leadership publicly confirm the following:
1. The full names of current directors and shareholders of:
• NPRT Holdings Africa Limited
• AKFED
• The Ismaili Imamat (Portugal entity)
2. The reasons and rationale for the hive-down, including any tax, regulatory, or jurisdictional considerations under Kenyan, Portuguese, and constitutional frameworks.
3. What measures are in place to mitigate conflicts of interest, particularly where shareholders, directors, and beneficiaries overlap across NMG, AKFED, Jubilee, IPS, and other AKDN entities.
4. A statement from Mr. Amin Mawji or relevant senior leadership, outlining the constitutional significance of this change and its implications—especially ahead of Mawlana Hazar Imam’s Didar visit to East Africa on 25 August 2025.
5. Confirmation of whether Hazar Imam was consulted on this reorganization, whether a Farman was given, and whether any impact to AKFED’s risk or asset profile motivated this transfer.
⸻
Yours sincerely,
M. Chatur
Murid One Global Jamat
⸻
Full Public Notice by AKFED 
(Insert below the full official regulatory notice as an appendix.)
Public Notice by AKFED
1. Introduction
1.1 Aga Khan Fund for Economic Development S.A. (AKFED), a Swiss not-for-profit entity and international development institution which invests in countries of East Africa, West Africa, Central Asia, and South Asia, owns ninety-two million, six hundred and eighteen thousand, one hundred and seventy-seven (92,618,177) ordinary shares in Nation Media Group Plc, a Kenyan for-profit entity (respectively the "Shares" and "NMG"), representing fifty-four point zero eight percent (54.08%) of the total issued share capital of NMG.
1.2 AKFED intends to carry out an internal reorganisation of its shareholding in NMG. The reorganisation will entail AKFED transferring all the Shares to NPRT Holdings Africa Limited ("NPRT"), which is a wholly-owned Kenyan subsidiary of AKFED (the "Reorganisation").
1.3 Pursuant to Regulation 4(1) of the Capital Markets (Take-overs and Mergers) Regulations, 2002 (the "Take-over Regulations"), NPRT hereby gives this notification to acquire effective control of NMG through the Reorganisation.
1.4 Because (i) the Reorganisation will not result in any change in the ultimate beneficial ownership of the Shares, and (ii) neither AKFED nor NPRT will be required to make a take-over offer for the remainder of the share capital of NMG, NPRT intends, pursuant to regulation 5 of the Take-over Regulations, to apply to the Capital Markets Authority, Kenya (the "CMA") for an exemption from the requirement to make a mandatory take-over offer for the Shares now owned by AKFED as of the date of this notice.
2. The Offeror
2.1 NPRT is a Kenyan company incorporated under the laws of Kenya, with registration number PVT-9XUML82L, and is wholly owned by AKFED. Its principal activity is holding shares in NMG following the internal reorganisation by AKFED as described above.
2.2 NPRT has not previously held any shares in NMG as of the date of this notice, and neither its directors nor AKFED’s directors hold NMG shares in their personal capacities.
3. The Offeree
3.1 NMG is a public limited company incorporated under the laws of Kenya. NMG's shares are currently listed and publicly traded on the Nairobi Securities Exchange (the "NSE"). It is also cross-listed on the Uganda Securities Exchange (the "USE"), the Rwanda Stock Exchange (the "RSE") and the Dar-es-Salaam Stock Exchange (the "DSE").
3.2 As at 31 December 2024, NMG’s ten largest shareholders were as follows:
# Name of Shareholder Number of Shares Percentage
1 The Aga Khan Fund For Economic Development S.A. 92,618,177 54.08%
2 Alpine Investments Limited 21,050,222 12.29%
3 Standard Chartered Nominees Resd A/C KE11450 2,512,210 1.47%
4 Kenya Commercial Bank Nominees Limited A/C 9185 2,492,636 1.46%
5 Shah, Lalitaben 1,140,000 0.67%
6 Kenya Reinsurance Corporation Limited 1,054,152 0.62%
7 Kimani John Kibunga 978,504 0.57%
8 Adam Munirabuni 858,380 0.50%
9 Jubilee Life Insurance Limited 788,233 0.43%
10 Standard Chartered Nominees A/C 12568 501,212 0.29%
Total 123,934,215 72.38%
4. Structure of the Reorganisation
4.1 Pursuant to a share transfer agreement dated 30 July 2025 entered into between AKFED and NPRT, AKFED will sell and NPRT will purchase the Shares in consideration for the issuance to AKFED of shares in the issued share capital of NPRT. The Reorganisation is subject to the satisfaction of conditions precedent typical of a transaction of this nature. The Reorganisation will be consummated by block transfer of the Shares between the parties, subject to compliance with the NSE’s Listing Rules (as amended).
4.2 Following completion, NPRT will become the direct holder, while AKFED will remain the beneficial owner of the Shares. No significant changes to NMG’s operations or governance are envisaged as a result of the Reorganisation.
4.3 No irrevocable undertakings have been obtained and no options to acquire have been given or obtained from any existing shareholder of NMG and no agreements, arrangements or understandings exist or are proposed between NPRT or any related company or persons associated or acting in concert with it and any existing shareholders of NMG beyond the scope of this Reorganisation.
5. Application for exemption from making a takeover offer
5.1 Pursuant to Regulation 5 of the Take-over Regulations, NPRT shall submit to the CMA an application for exemption from compliance with the requirement to make a mandatory take-over offer to the remaining shareholders of NMG.
5.2 The primary reasons for the application for exemption are:
* 5.2.1 The Reorganisation will not result in any change in the ultimate control of NMG. AKFED, which currently holds 54.08% of the total issued share capital of NMG, will sell its entire shareholding to NPRT. Since NPRT is wholly owned by AKFED, the ultimate control of NMG and ownership of the Shares will remain unchanged.
* 5.2.2 The primary purpose of this Reorganisation is for AKFED to own the Shares through a Kenyan company and does not involve any new external parties acquiring control over NMG.
* 5.2.3 The Reorganisation does not involve any changes to the business operations, management, or strategic direction of NMG. Shareholders will continue to hold their shares in NMG, and their rights and interests will remain unchanged.
*
5.2.4 AKFED and NPRT do not have any intention to change the listing status of NMG on the NSE and cross-listing on the USE, RSE and DSE. They intend for NMG to continue to provide opportunities for the public to invest in NMG and to share and participate in the growth and direction of NMG’s future.
5. Conditions of the Reorganisation
5.1 The Reorganisation’s completion is conditional on the CMA granting the exemption under Regulation 5 of the Take-over Regulations and any other requisite approvals, including from the NSE and the Competition Authority of Kenya.
5.2 We enclose a copy of the public announcement containing the particulars prescribed by Regulation 4(2) of the Take-over Regulations, which will be filed with the NSE and published in at least one national circulation upon approval by the CMA.
5.3 Completion is expected to occur as soon as all requisite approvals are obtained.
NOTE : In case of any spelling errors in the text, refer to the attached image above.
Further to our previous communication above we need to emphasize key findings regarding the transfer of AKFED’s 54.08% stake in Nation Media Group (NMG) to NPRT Holdings Africa Limited, a wholly owned non trading Kenyan subsidiary, of AKFED effective 30 July 2025.
What has occurred is legally structured as a hive-down. While AKFED reportedly retains beneficial ownership, effective operational control has been relocated to a new local entity in Kenya—with no public disclosure of the current or new directors and shareholders of either AKFED or NPRT.
⸻
Hive‑Down: What It Means & Why It MattersA hive-down is a legal mechanism used to transfer business operations or shareholdings into a subsidiary. Though beneficial ownership remains unchanged, governance, jurisdiction, and oversight often shift significantly.
In this case, for an institution like AKFED, which falls under the Ismaili constitutional umbrella, such changes raise serious governance and transparency concerns:
• A new jurisdiction (Kenya) now governs the entity.
• Executive management and directors are local, or international but remain undisclosed.
• The Jamat has not been informed—despite this being a material constitutional and an institutional change.
Archived restructuring notices suggest that potential motivations for this reorganization could include:
• Compliance with local legal and regulatory requirements
• Taxation and operational restructuring
• Consolidated regional control over media operations
While these may be standard commercial practices, when implemented by Imamat-aligned constitutional entities, they must be accompanied by disclosure inclusion and engagement consistent with the Ismaili Constitution and Farmans.
⸻
Institutional & Constitutional Concerns1. No Disclosure of Directors or Shareholders
Despite Kenya’s legal registry requirements, no media outlet—including NMG itself—has published or reported the names of NPRT’s directors or shareholders.
This is surprising, as CR12 records are routinely accessed by journalists and public stakeholders.
2. Shift in Governance Control
Although AKFED remains the beneficial owner, it is now clear that executive oversight and legal control of the NMG stake rest locally in Kenya. The directors of NPRT—unlike AKFED’s previously known leadership based in Geneva—are undisclosed.
They likely include members of the AKDN–AKFED–Imamat network, such as Mr. Amin Mawji, who holds concurrent positions as the AKDN Representative, Imamat Diplomatic Envoy, and likely regional governance authority for East Africa.
3. Potential Conflicts of Interest
In addition to NPRT’s majority stake in NMG, other major shareholders listed include entities such as Jubilee Life Insurance, Kenya Reinsurance, and nominee accounts—many of which are linked to the AKDN Jamats family of institutions.
This overlap raises an urgent question:
If the institutions that hold, direct, and benefit from media ownership are the same ones being covered by it—can that media remain independent & impartial?
4. Constitutional Transparency & Community Rights
The 11 February 2025 updated Ismaili Constitution and Farmans from Mawlana Hazar Imam underscore the Jamat’s right to information, inclusion, and accountability from its institutions. These are still witheld
The Jamat was neither informed nor included or consulted about this significant structural change involving an entity under our Ismaili Constitution.
What Hazar Imam confirmed
AGA KHAN FARMAN
AKDN
11 JULY 2007
In deciding to let this network (AKDN) come into place, a number of considerations - a number of basic principles - had to be taken into account, aid I wish to share with you today My thoughts on these issues.
* First, any area of activity has to benefit the Jamaat immediately, or in the readily foreseeable future. If we had existing institutions already in place, any new initiative has to complement them. Such activites have to have a recognisable, beneficial national impact, or one for the region geographically, or for the Ummah
* The sum of any new activities has to contribute to a meaningful strengthening of civil society, for it is clear that in our times and in many countries it is the health of civil society which can compensate for government underperformance.
* The network has to aim at socal as well as economic objectives - bringing positive support to both the social and the economic components of the national development process.
* We have to give care to rural as well as urban con-cerns, improving the quality of life for the rural Jamats as for the urban ones.
⸻
Appendix: Summary of the Official Reorganization NoticeThe key points from the formal regulatory filing are as follows:
• 92,618,177 shares (54.08%) in NMG transferred from AKFED to NPRT Holdings Africa Limited.
• NPRT is wholly owned by AKFED. No external party is involved.
• NPRT applied to the Capital Markets Authority (CMA) for exemption from a mandatory takeover offer, citing no change in ultimate ownership.
• Major NMG shareholders include AKFED, Alpine Investments Ltd, Jubilee Life, and others.
• The stated intent is that no operational or governance changes are expected.
• However, neither AKFED nor NPRT have disclosed their current directors or shareholders.
The full public notice is appended below for transparency.
⸻
Request for Disclosure & TransparencyIn light of the above, we respectfully request that AKFED, NPRT, AKDN, and the Ismaili Imamat leadership publicly confirm the following:
1. The full names of current directors and shareholders of:
• NPRT Holdings Africa Limited
• AKFED
• The Ismaili Imamat (Portugal entity)
2. The reasons and rationale for the hive-down, including any tax, regulatory, or jurisdictional considerations under Kenyan, Portuguese, and constitutional frameworks.
3. What measures are in place to mitigate conflicts of interest, particularly where shareholders, directors, and beneficiaries overlap across NMG, AKFED, Jubilee, IPS, and other AKDN entities.
4. A statement from Mr. Amin Mawji or relevant senior leadership, outlining the constitutional significance of this change and its implications—especially ahead of Mawlana Hazar Imam’s Didar visit to East Africa on 25 August 2025.
5. Confirmation of whether Hazar Imam was consulted on this reorganization, whether a Farman was given, and whether any impact to AKFED’s risk or asset profile motivated this transfer.
⸻
Yours sincerely,
M. Chatur
Murid One Global Jamat
⸻
Full Public Notice by AKFED 
(Insert below the full official regulatory notice as an appendix.)
Public Notice by AKFED
1. Introduction
1.1 Aga Khan Fund for Economic Development S.A. (AKFED), a Swiss not-for-profit entity and international development institution which invests in countries of East Africa, West Africa, Central Asia, and South Asia, owns ninety-two million, six hundred and eighteen thousand, one hundred and seventy-seven (92,618,177) ordinary shares in Nation Media Group Plc, a Kenyan for-profit entity (respectively the "Shares" and "NMG"), representing fifty-four point zero eight percent (54.08%) of the total issued share capital of NMG.
1.2 AKFED intends to carry out an internal reorganisation of its shareholding in NMG. The reorganisation will entail AKFED transferring all the Shares to NPRT Holdings Africa Limited ("NPRT"), which is a wholly-owned Kenyan subsidiary of AKFED (the "Reorganisation").
1.3 Pursuant to Regulation 4(1) of the Capital Markets (Take-overs and Mergers) Regulations, 2002 (the "Take-over Regulations"), NPRT hereby gives this notification to acquire effective control of NMG through the Reorganisation.
1.4 Because (i) the Reorganisation will not result in any change in the ultimate beneficial ownership of the Shares, and (ii) neither AKFED nor NPRT will be required to make a take-over offer for the remainder of the share capital of NMG, NPRT intends, pursuant to regulation 5 of the Take-over Regulations, to apply to the Capital Markets Authority, Kenya (the "CMA") for an exemption from the requirement to make a mandatory take-over offer for the Shares now owned by AKFED as of the date of this notice.
2. The Offeror
2.1 NPRT is a Kenyan company incorporated under the laws of Kenya, with registration number PVT-9XUML82L, and is wholly owned by AKFED. Its principal activity is holding shares in NMG following the internal reorganisation by AKFED as described above.
2.2 NPRT has not previously held any shares in NMG as of the date of this notice, and neither its directors nor AKFED’s directors hold NMG shares in their personal capacities.
3. The Offeree
3.1 NMG is a public limited company incorporated under the laws of Kenya. NMG's shares are currently listed and publicly traded on the Nairobi Securities Exchange (the "NSE"). It is also cross-listed on the Uganda Securities Exchange (the "USE"), the Rwanda Stock Exchange (the "RSE") and the Dar-es-Salaam Stock Exchange (the "DSE").
3.2 As at 31 December 2024, NMG’s ten largest shareholders were as follows:
# Name of Shareholder Number of Shares Percentage
1 The Aga Khan Fund For Economic Development S.A. 92,618,177 54.08%
2 Alpine Investments Limited 21,050,222 12.29%
3 Standard Chartered Nominees Resd A/C KE11450 2,512,210 1.47%
4 Kenya Commercial Bank Nominees Limited A/C 9185 2,492,636 1.46%
5 Shah, Lalitaben 1,140,000 0.67%
6 Kenya Reinsurance Corporation Limited 1,054,152 0.62%
7 Kimani John Kibunga 978,504 0.57%
8 Adam Munirabuni 858,380 0.50%
9 Jubilee Life Insurance Limited 788,233 0.43%
10 Standard Chartered Nominees A/C 12568 501,212 0.29%
Total 123,934,215 72.38%
4. Structure of the Reorganisation
4.1 Pursuant to a share transfer agreement dated 30 July 2025 entered into between AKFED and NPRT, AKFED will sell and NPRT will purchase the Shares in consideration for the issuance to AKFED of shares in the issued share capital of NPRT. The Reorganisation is subject to the satisfaction of conditions precedent typical of a transaction of this nature. The Reorganisation will be consummated by block transfer of the Shares between the parties, subject to compliance with the NSE’s Listing Rules (as amended).
4.2 Following completion, NPRT will become the direct holder, while AKFED will remain the beneficial owner of the Shares. No significant changes to NMG’s operations or governance are envisaged as a result of the Reorganisation.
4.3 No irrevocable undertakings have been obtained and no options to acquire have been given or obtained from any existing shareholder of NMG and no agreements, arrangements or understandings exist or are proposed between NPRT or any related company or persons associated or acting in concert with it and any existing shareholders of NMG beyond the scope of this Reorganisation.
5. Application for exemption from making a takeover offer
5.1 Pursuant to Regulation 5 of the Take-over Regulations, NPRT shall submit to the CMA an application for exemption from compliance with the requirement to make a mandatory take-over offer to the remaining shareholders of NMG.
5.2 The primary reasons for the application for exemption are:
* 5.2.1 The Reorganisation will not result in any change in the ultimate control of NMG. AKFED, which currently holds 54.08% of the total issued share capital of NMG, will sell its entire shareholding to NPRT. Since NPRT is wholly owned by AKFED, the ultimate control of NMG and ownership of the Shares will remain unchanged.
* 5.2.2 The primary purpose of this Reorganisation is for AKFED to own the Shares through a Kenyan company and does not involve any new external parties acquiring control over NMG.
* 5.2.3 The Reorganisation does not involve any changes to the business operations, management, or strategic direction of NMG. Shareholders will continue to hold their shares in NMG, and their rights and interests will remain unchanged.
*
5.2.4 AKFED and NPRT do not have any intention to change the listing status of NMG on the NSE and cross-listing on the USE, RSE and DSE. They intend for NMG to continue to provide opportunities for the public to invest in NMG and to share and participate in the growth and direction of NMG’s future.
5. Conditions of the Reorganisation
5.1 The Reorganisation’s completion is conditional on the CMA granting the exemption under Regulation 5 of the Take-over Regulations and any other requisite approvals, including from the NSE and the Competition Authority of Kenya.
5.2 We enclose a copy of the public announcement containing the particulars prescribed by Regulation 4(2) of the Take-over Regulations, which will be filed with the NSE and published in at least one national circulation upon approval by the CMA.
5.3 Completion is expected to occur as soon as all requisite approvals are obtained.
NOTE : In case of any spelling errors in the text, refer to the attached image above.
-
mahebubchatur
- Posts: 468
- Joined: Mon Jan 13, 2014 7:01 pm
Re: AKDN / AKF INITIATIVES WORLDWIDE
The following are the constitutional entities of the Ismaili community in East Africa under AKFED listed by AKDN -
Have any of these have been or are being hived down too?
Kenya
Industrial Promotion Services (Kenya) Ltd Nairobi Development institution
Allpack Industries Ltd Nairobi Manufacture of high-quality corrugated carton packaging and polypropylene bags
Alltex EPZ Ltd Nairobi Garment manufacture
Botanical Extracts EPZ Ltd Athi River Production of artemisinin
Farmer’s Choice Ltd Nairobi Meat processing
Spiceken EPZ Ltd Nairobi Vegetable processing for export
Rawmat Ltd Thika Agro industry
Kamyn Industries Ltd Mombasa Hosiery manufacture
Premier Food Industries Ltd Nairobi Processing of sauces, jams, canned vegetables and juices (concentrate and ready to drink)
Plastics and Rubber Industries Ltd Nairobi Chemicals, rubber products
Property Development and Management (Holdings) Ltd Nairobi Property ownership/management
Wire Products Ltd Nairobi Manufacture of steel and allied products
*Tourism Promotion Services Eastern Africa Ltd Nairobi Tourism promotion
*Diamond Trust Bank (DTB) Kenya Ltd Nairobi Banking
*Jubilee Holdings Ltd Nairobi Life and general insurance
*Nation Media Group Ltd Nairobi
Tanzania
Moshi Leather Industries Ltd Moshi Processing of raw hides to finished leather
Tanzania Litho Ltd Dar es Salaam Printing
TLL Printing and Packaging Ltd Dar es Salaam Manufacturing of corrugated boxes, inner cartons, labels and stickers.
Tourism Promotion Services (Tanzania) Ltd Dar es Salaam Tourism promotion, hotel lodge ownership and management
Tourism Promotion Services (Zanzibar) Ltd Zanzibar Tourism promotion, hotel ownership and management
Diamond Trust Bank (DTB) Tanzania Ltd Dar es Salaam Banking
Jubilee Health Insurance Company of Tanzania Ltd Dar es Salaam Health insurance
Jubilee Life Insurance Company of Tanzania Ltd Dar es Salaam Life insurance
Mwananchi Communications Ltd Dar es Salaam Print media and radio
Uganda
Bujagali Energy Ltd Jinja Hydro power generation (grid tied)
Kampala Pharmaceuticals Industries Ltd Kampala Manufacture of pharmaceutical products
Uganda Fishnet Manufacturers Ltd Kampala Manufacture of fishnets
West Nile Rural Electrification Co Kampala Rural electrification (off-grid utility)
Diamond Jubilee Investment Trust (Uganda) Ltd Kampala Investment company
Diamond Trust Bank (DTB) Uganda Ltd Kampala Banking
Jubilee Life Insurance Company of Uganda Ltd Kampala Life insurance
Jubilee Health Insurance Company of Uganda Kampala Health insurance
Jubilee Investments Company Ltd Kampala Property ownership/ management
Monitor Publications Ltd Kampala Print media and radio
Tourism Promotion Services Kampala Tourism promotion, hotel ownership and management
*Quoted companies
Have any of these have been or are being hived down too?
Kenya
Industrial Promotion Services (Kenya) Ltd Nairobi Development institution
Allpack Industries Ltd Nairobi Manufacture of high-quality corrugated carton packaging and polypropylene bags
Alltex EPZ Ltd Nairobi Garment manufacture
Botanical Extracts EPZ Ltd Athi River Production of artemisinin
Farmer’s Choice Ltd Nairobi Meat processing
Spiceken EPZ Ltd Nairobi Vegetable processing for export
Rawmat Ltd Thika Agro industry
Kamyn Industries Ltd Mombasa Hosiery manufacture
Premier Food Industries Ltd Nairobi Processing of sauces, jams, canned vegetables and juices (concentrate and ready to drink)
Plastics and Rubber Industries Ltd Nairobi Chemicals, rubber products
Property Development and Management (Holdings) Ltd Nairobi Property ownership/management
Wire Products Ltd Nairobi Manufacture of steel and allied products
*Tourism Promotion Services Eastern Africa Ltd Nairobi Tourism promotion
*Diamond Trust Bank (DTB) Kenya Ltd Nairobi Banking
*Jubilee Holdings Ltd Nairobi Life and general insurance
*Nation Media Group Ltd Nairobi
Tanzania
Moshi Leather Industries Ltd Moshi Processing of raw hides to finished leather
Tanzania Litho Ltd Dar es Salaam Printing
TLL Printing and Packaging Ltd Dar es Salaam Manufacturing of corrugated boxes, inner cartons, labels and stickers.
Tourism Promotion Services (Tanzania) Ltd Dar es Salaam Tourism promotion, hotel lodge ownership and management
Tourism Promotion Services (Zanzibar) Ltd Zanzibar Tourism promotion, hotel ownership and management
Diamond Trust Bank (DTB) Tanzania Ltd Dar es Salaam Banking
Jubilee Health Insurance Company of Tanzania Ltd Dar es Salaam Health insurance
Jubilee Life Insurance Company of Tanzania Ltd Dar es Salaam Life insurance
Mwananchi Communications Ltd Dar es Salaam Print media and radio
Uganda
Bujagali Energy Ltd Jinja Hydro power generation (grid tied)
Kampala Pharmaceuticals Industries Ltd Kampala Manufacture of pharmaceutical products
Uganda Fishnet Manufacturers Ltd Kampala Manufacture of fishnets
West Nile Rural Electrification Co Kampala Rural electrification (off-grid utility)
Diamond Jubilee Investment Trust (Uganda) Ltd Kampala Investment company
Diamond Trust Bank (DTB) Uganda Ltd Kampala Banking
Jubilee Life Insurance Company of Uganda Ltd Kampala Life insurance
Jubilee Health Insurance Company of Uganda Kampala Health insurance
Jubilee Investments Company Ltd Kampala Property ownership/ management
Monitor Publications Ltd Kampala Print media and radio
Tourism Promotion Services Kampala Tourism promotion, hotel ownership and management
*Quoted companies
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mahebubchatur
- Posts: 468
- Joined: Mon Jan 13, 2014 7:01 pm
AKFED Nation Media Group - Hive Down AKDN / AKF INITIATIVES WORLDWIDE
Further to ongoing -silence from Leaders and research into the reorganization of Nation media and economic assets within the Aga Khan Fund for Economic Development (AKFED)—a Swiss-registered entity and integral institution of the Aga Khan Development Network (AKDN), governed under the Ismaili Constitution—we can now confirm key developments in Kenya that demand attention.
Based on an official Company Search of Form CR12 from the Companies Registry of Kenya, a new legal entity has been registered as part of the so-called “hive-down” process by AKFED
⸻
The new Company Profile: NPRT Holdings Africa Limited
• Company Name: NPRT Holdings Africa Limited
• Date of Incorporation: 1 April 2025
• Nominal Share Capital: KES 133,372,000
• Registered Office: Kenya
• Official Email: akfed.finance@akdn.org
Shareholding
• Sole Shareholder:
Aga Khan Fund for Economic Development SA
(Address: Geneva, Switzerland)
Directors & Officers
• Sole Director: Mr. Ashif Sadrudin Hassanali Kassam (Kenyan national)
• Company Secretary: Mr. Azim Azim Jamal Virjee (Kenyan national)
• At the time of incorporation, the entity declared no prior commercial activity.
⸻
However, subsequent reporting and reliable public filings now indicate that NPRT Holdings Africa Limited has become the new owner of 54% of the Nation Media Group (NMG)—one of East Africa’s most influential media conglomerates.
Key Governance and Transparency Concerns
• The absence of a multi-director board structure or any local - or international - AKDN leadership Presidents of Councils, Heads (such as Mr. Amin Mawji, Diplomatic Representative of the AKDN in East Africa and known board member of AKU and other institutions) raises serious governance questions.
• We do not yet know:
• What NPRT actually stands for (the acronym remains undefined in official records).
• Why the name NPRT omits reference to Aga Khan or AKDN, unlike traditional institutional entities.
• Whether this entity is now being used & positioned as the holding vehicle for all AKFED/AKDN assets in East Africa, beyond Nation Media Group.
• Who was responsible for selecting the name and approving the structural changes prior to April 2025—questions which should be clearly recorded in board minutes and resolutions of the relevant AKDN institutions, such as the Aga Khan Development Network Foundation and AKFED SA.
We respectfully request our community Leaders & relevant authorities within AKDN to:
1. disclose the rationale and governance framework guiding the hive-down and asset transfer decisions.
2. Clarify the future corporate structure and oversight mechanisms of NPRT Holdings Africa Limited.
3. Provide transparency on the use of institutional names and mandates, particularly given the high level of community interest, public trust, and economic importance of NMG and other Aga Khan - AKDN investments under the Ismaili constitution
4. Make available to the Jamat and stakeholders the relevant board minutes where these decisions were deliberated and approved—especially as the witheld Ismaili Constitution also calls for pluralism accountability and responsibility to the Jamat in the exercise of authority.
Who are all the Directors and Secretaries of each of all the related entities under our constitution
This restructuring is a matter of serious community institutional and public interest.
We continue to monitor the official filings—including from the Capital Markets Authority (CMA) and Companies Registry—and await further clarification from our Leaders who have a duty to respond and provide the constitutional information requested
So far no response from Leaders of the community in control for decades.
M Chatur
Based on an official Company Search of Form CR12 from the Companies Registry of Kenya, a new legal entity has been registered as part of the so-called “hive-down” process by AKFED
⸻
The new Company Profile: NPRT Holdings Africa Limited
• Company Name: NPRT Holdings Africa Limited
• Date of Incorporation: 1 April 2025
• Nominal Share Capital: KES 133,372,000
• Registered Office: Kenya
• Official Email: akfed.finance@akdn.org
Shareholding
• Sole Shareholder:
Aga Khan Fund for Economic Development SA
(Address: Geneva, Switzerland)
Directors & Officers
• Sole Director: Mr. Ashif Sadrudin Hassanali Kassam (Kenyan national)
• Company Secretary: Mr. Azim Azim Jamal Virjee (Kenyan national)
• At the time of incorporation, the entity declared no prior commercial activity.
⸻
However, subsequent reporting and reliable public filings now indicate that NPRT Holdings Africa Limited has become the new owner of 54% of the Nation Media Group (NMG)—one of East Africa’s most influential media conglomerates.
Key Governance and Transparency Concerns• The absence of a multi-director board structure or any local - or international - AKDN leadership Presidents of Councils, Heads (such as Mr. Amin Mawji, Diplomatic Representative of the AKDN in East Africa and known board member of AKU and other institutions) raises serious governance questions.
• We do not yet know:
• What NPRT actually stands for (the acronym remains undefined in official records).
• Why the name NPRT omits reference to Aga Khan or AKDN, unlike traditional institutional entities.
• Whether this entity is now being used & positioned as the holding vehicle for all AKFED/AKDN assets in East Africa, beyond Nation Media Group.
• Who was responsible for selecting the name and approving the structural changes prior to April 2025—questions which should be clearly recorded in board minutes and resolutions of the relevant AKDN institutions, such as the Aga Khan Development Network Foundation and AKFED SA.
We respectfully request our community Leaders & relevant authorities within AKDN to:
1. disclose the rationale and governance framework guiding the hive-down and asset transfer decisions.
2. Clarify the future corporate structure and oversight mechanisms of NPRT Holdings Africa Limited.
3. Provide transparency on the use of institutional names and mandates, particularly given the high level of community interest, public trust, and economic importance of NMG and other Aga Khan - AKDN investments under the Ismaili constitution
4. Make available to the Jamat and stakeholders the relevant board minutes where these decisions were deliberated and approved—especially as the witheld Ismaili Constitution also calls for pluralism accountability and responsibility to the Jamat in the exercise of authority.
Who are all the Directors and Secretaries of each of all the related entities under our constitution
This restructuring is a matter of serious community institutional and public interest.
We continue to monitor the official filings—including from the Capital Markets Authority (CMA) and Companies Registry—and await further clarification from our Leaders who have a duty to respond and provide the constitutional information requested
So far no response from Leaders of the community in control for decades.
M Chatur
-
mahebubchatur
- Posts: 468
- Joined: Mon Jan 13, 2014 7:01 pm
AKFED AKDN Nation Media Legal Briefing note AKDN / AKF INITIATIVES WORLDWIDE
CONFIDENTIAL LEGAL BRIEFING NOTE FOR STRATEGIC COMMUNITY CIRCULATION
Subject: Hive Down of Nation Media Group Shares to Local Kenyan Entity by AKFED Group part of AKDN
Date: 6 August 2025
⸻
1. Executive Summary
This briefing note analyzes the recent “hive down” transaction involving the transfer of Nation Media Group (NMG) shares from the Swiss-based Aga Khan Fund for Economic Development (AKFED) to a Kenyan-registered entity.
This restructuring appears to have been executed without broad community disclosure, despite its potential impact on public trust, tax efficiency, governance, and community obligations under constitutional and Farman-based guidance.
The note highlights:
• Estimated historical and projected tax savings
• Legal considerations on tax-driven restructuring
• Governance and transparency implications
• Strategic possibilities for similar future transactions
⸻
2. Estimated Tax Savings
Historical (Past 5 Years)
Based on Nation Media Group’s public dividend declarations:
• Estimated dividends paid (2019–2023): approx. USD $15 million
• 15% withholding tax on cross-border dividends: approx. USD $2.25 million paid by EGG
Projected (Next 5 Years)
• Assuming similar or modest growth in dividends (USD $15–$20 million)
• Estimated tax savings from local entity exemption: USD $2.25–$3 million
10-Year Summary (Past + Future)
• Total potential savings: USD $4.5–$6 million (excluding inflationary or FX adjustments)
Key Observation: Had the hive down occurred 10 years ago, the group might have saved USD $4–6 million, enabling greater reinvestment in local community-led development, small business incubation, or empowerment initiatives.
The delay raises legitimate questions of governance foresight and fiduciary alignment with AKDN’s own principles and our constitution & Farmans
⸻
3. Legal Analysis
A. Tax-Motivated Restructuring – Permissibility in Kenya
Kenyan tax law generally permits corporate restructuring for legitimate commercial purposes. However:
• Purely tax-driven transactions without valid commercial rationale may fall under anti-avoidance scrutiny.
• Global best practices (OECD, UK GAAR, Canada GAAR) discourage restructurings with no substantive commercial purpose other than tax minimization.
Possible Legal Risks:
• Retrospective challenge if found to be lacking strategic merit
• Reputational risk due to perceived secrecy or poor community engagement
B. Fiduciary Duties of all Directors and Trustees
If community institutions (or their directors/trustees) hold fiduciary roles, their duties include:
• Loyalty and accountability to the beneficiaries (i.e., the global Jamat)
• Transparency and fair disclosure, particularly where community assets and institutions are involved
Failure to disclose or explain such significant shifts may breach those duties and in any event under Bayah they have a legal & a moral duty
⸻
4. Strategic and Commercial reasons for Hive Down
Beyond tax optimization, other plausible strategic justifications might include:
• Regulatory alignment with local ownership rules
• Access to local financing or incentives
• Positioning for future IPO, JV, or partial sale
• Operational streamlining under local laws
• Empowerment optics: signalling localization and decolonization of capital structures
However, no public explanation has been provided to justify the NMG transaction or whether similar restructurings will follow for other AKFED companies like:
• Diamond Trust Bank (*)
• Jubilee Holdings (*)
• SEACOM, Bujagali Energy, Frigoken, Premier Foods, Serena Hotels, etc.
⸻
5. Governance and Community Inclusion Concerns
• Lack of community consultation or visibility over strategic financial decisions
• Absence of disclosure or explanation by AKFED or AKDN leadership
• Withholding of the Ismaili Constitution and withholding of Farmans, in contradiction to Hazar Imam’s specific guidance, undermines Imam, Jamat transparency and pluralism
These patterns recall challenges seen during the late Fatimid period, where poor communication, elite concentration, and secrecy led to substantial long-term consequences for the Jamat and the Imamat.
⸻
6. Conclusion and Call for Transparency
This note is shared with the Noorani family, leadership bodies, and concerned murids worldwide, urging:
• Full disclosure of the rationale for the hive down
• Clear community engagement on future restructuring
• Immediate releasing of the full Constitution and Farmans as instructed by Mawlana Hazar Imam
The funds potentially saved ($4–6 million) could have empowered local Jamats to be masters of their own development, in alignment with AKDN’s development ethos & Farmans
⸻
Disclaimer and Legal Caveat
This note is circulated to the community and its leadership for advocacy, dialogue, and education purposes. It is based on publicly available data and subject to limitations due to lack of transparency from relevant entities.
It does not constitute legal advice. Any individual or entity relying on this analysis must seek independent local legal and financial counsel.
Prepared in good faith for the benefit of the community in alignment with Farmans and the Ismaili Constitution
Subject: Hive Down of Nation Media Group Shares to Local Kenyan Entity by AKFED Group part of AKDN
Date: 6 August 2025
⸻
1. Executive Summary
This briefing note analyzes the recent “hive down” transaction involving the transfer of Nation Media Group (NMG) shares from the Swiss-based Aga Khan Fund for Economic Development (AKFED) to a Kenyan-registered entity.
This restructuring appears to have been executed without broad community disclosure, despite its potential impact on public trust, tax efficiency, governance, and community obligations under constitutional and Farman-based guidance.
The note highlights:
• Estimated historical and projected tax savings
• Legal considerations on tax-driven restructuring
• Governance and transparency implications
• Strategic possibilities for similar future transactions
⸻
2. Estimated Tax Savings
Historical (Past 5 Years)
Based on Nation Media Group’s public dividend declarations:
• Estimated dividends paid (2019–2023): approx. USD $15 million
• 15% withholding tax on cross-border dividends: approx. USD $2.25 million paid by EGG
Projected (Next 5 Years)
• Assuming similar or modest growth in dividends (USD $15–$20 million)
• Estimated tax savings from local entity exemption: USD $2.25–$3 million
10-Year Summary (Past + Future)
• Total potential savings: USD $4.5–$6 million (excluding inflationary or FX adjustments)
Key Observation: Had the hive down occurred 10 years ago, the group might have saved USD $4–6 million, enabling greater reinvestment in local community-led development, small business incubation, or empowerment initiatives.
The delay raises legitimate questions of governance foresight and fiduciary alignment with AKDN’s own principles and our constitution & Farmans
⸻
3. Legal Analysis
A. Tax-Motivated Restructuring – Permissibility in Kenya
Kenyan tax law generally permits corporate restructuring for legitimate commercial purposes. However:
• Purely tax-driven transactions without valid commercial rationale may fall under anti-avoidance scrutiny.
• Global best practices (OECD, UK GAAR, Canada GAAR) discourage restructurings with no substantive commercial purpose other than tax minimization.
Possible Legal Risks:
• Retrospective challenge if found to be lacking strategic merit
• Reputational risk due to perceived secrecy or poor community engagement
B. Fiduciary Duties of all Directors and Trustees
If community institutions (or their directors/trustees) hold fiduciary roles, their duties include:
• Loyalty and accountability to the beneficiaries (i.e., the global Jamat)
• Transparency and fair disclosure, particularly where community assets and institutions are involved
Failure to disclose or explain such significant shifts may breach those duties and in any event under Bayah they have a legal & a moral duty
⸻
4. Strategic and Commercial reasons for Hive Down
Beyond tax optimization, other plausible strategic justifications might include:
• Regulatory alignment with local ownership rules
• Access to local financing or incentives
• Positioning for future IPO, JV, or partial sale
• Operational streamlining under local laws
• Empowerment optics: signalling localization and decolonization of capital structures
However, no public explanation has been provided to justify the NMG transaction or whether similar restructurings will follow for other AKFED companies like:
• Diamond Trust Bank (*)
• Jubilee Holdings (*)
• SEACOM, Bujagali Energy, Frigoken, Premier Foods, Serena Hotels, etc.
⸻
5. Governance and Community Inclusion Concerns
• Lack of community consultation or visibility over strategic financial decisions
• Absence of disclosure or explanation by AKFED or AKDN leadership
• Withholding of the Ismaili Constitution and withholding of Farmans, in contradiction to Hazar Imam’s specific guidance, undermines Imam, Jamat transparency and pluralism
These patterns recall challenges seen during the late Fatimid period, where poor communication, elite concentration, and secrecy led to substantial long-term consequences for the Jamat and the Imamat.
⸻
6. Conclusion and Call for Transparency
This note is shared with the Noorani family, leadership bodies, and concerned murids worldwide, urging:
• Full disclosure of the rationale for the hive down
• Clear community engagement on future restructuring
• Immediate releasing of the full Constitution and Farmans as instructed by Mawlana Hazar Imam
The funds potentially saved ($4–6 million) could have empowered local Jamats to be masters of their own development, in alignment with AKDN’s development ethos & Farmans
⸻
Disclaimer and Legal Caveat
This note is circulated to the community and its leadership for advocacy, dialogue, and education purposes. It is based on publicly available data and subject to limitations due to lack of transparency from relevant entities.
It does not constitute legal advice. Any individual or entity relying on this analysis must seek independent local legal and financial counsel.
Prepared in good faith for the benefit of the community in alignment with Farmans and the Ismaili Constitution