KKR sells its 19.9% stake in First Gen for about P25.8 billion
KKR has disposed of its entire 19.9% holding in First Gen Corporation for roughly P25.77 billion, selling the shares to Angsana Finance Limited.
In a recent regulatory filing, KKR confirmed the sale of its full 19.9% stake in First Gen Corporation, valued at approximately P25.77 billion. The 715.8 million shares were transferred to Angsana Finance Limited at P36 per share, a price higher than KKR’s earlier tender offer. Angsana Finance is a Cayman-registered entity owned by Gateway Holdings Limited, the parent of Gateway Partners, which already has investments in the Philippines. The deal eliminated KKR’s indirect holding through Philippines Clean Energy Holding Inc., leaving it with no remaining interest in First Gen. Following the transaction, Manolo Michael de Guzman, a senior adviser at KKR and president of Philippines Clean Energy Holding Inc., stepped down from the First Gen board and its Risk Oversight Committee.
Why it matters
The sale ends KKR’s involvement in a major Philippine power producer, reshaping ownership and board composition.
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