MANILA, Philippines — Parent firm First Philippine Holdings Corporation (FPH) clarified that Angsana Finance Limited will not be granted governance rights or a board seat in First Gen Corp. following its purchase of a 19.9% equity stake in the power firm.
FPH and First Gen President and Chief Operating Officer Francis Giles Puno explained that while Angsana holds standard shareholder rights, it is not entitled to any special board representation or management roles.
The Singapore-based entity finalized the buyout of KKR’s full 19.9% holdings in First Gen earlier this month, acquiring 715.86 million common shares worth roughly ₱25.77 billion.
”Because KKR acquired its 19.9 percent stake in FirstGen directly from the secondary market, no shareholder agreement was established with FPH. Consequently, Angsana did not obtain any special or contractual governance rights through its purchase of KKR’s holdings,” Puno said.
Following KKR’s exit, its representative Manolo Manuel de Guzman resigned from the First Gen board. A successor to fill the vacant seat has yet to be named.
The announcement coincided with FPH celebrating its 65th anniversary, during which the conglomerate reaffirmed its dedication to advancing clean energy and sustainable infrastructure projects.
The Lopez-led conglomerate—whose diversified portfolio includes First Gen, Rockwell Land Corp., and First Balfour Inc.—reported a 22% year-on-year increase in consolidated net income to ₱20.2 billion for the first seven months of 2026.
Net income attributable to FPH parent shareholders also grew by 7% to reach ₱11 billion over the same period.