Nation Media Group management speaks out on selling company to Uhuru

juma chrispinus

April 18, 2018 2:16 PM

NMG was on Wednesday briefing stakeholders at a Nairobi Hotel.

The Aga Khan owned Nation Media Group on Wednesday dismissed speculations that the company may be up for sale.

Speaking at a Nairobi hotel during an investor briefing on Wednesday, Group chairman Wilfred Kiboro urged Kenyans to ignore the rumors on social media.

Earlier, reports emerged that the Media house was in talks wot the family of President Kenyatta to conclude a deal which would have seen the president buy off the 44 per cent of shares held by Aga Khan.

During the Aga Khan’s recent visit to Kenya, there was heightened speculation that he would meet President Uhuru Kenyatta to discuss among other things, the sale of his media interests.

Aga Khan is the principal shareholder of the Nation Media Group with other interests in the hospitality, banking and insurance sectors.

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However, Mr. Kiboro refuted the claims and instead urged the government to pay the media house Ksh. 700million owed to them.

“What we can promise everybody here is we will report the truth,” he told the meeting at Stanley Hotel, Nairobi.

He also reiterated that the exit of eight columnists recently would not affect circulation as “they are not as important as they think they are and there is a lot of talent out there.”

In 2016, profit after taxation dropped by Ksh500 million to Ksh1.68 billion. In the half year to June 2017, the media house reported a Ksh825.6 million profit after tax, which was a marginal growth of 5.12% from Sh785.4 million in the same period the previous year.

Nation Media Group has undergone a painful restructuring over the past two years that has trimmed both its business and staff.

juma chrispinus