First Gen’s ₱36 Block Price Is Not a Minority Exit

Highlights

• ₱36.00 per FGEN share was paid for KKR’s block, above both the ₱26.90 pre-deal close and today’s ₱23.85 price.
• KKR’s entire 19.9% economic interest has changed hands, removing its remaining stake as a potential private-equity exit overhang.
• Vini Research Desk rates FGEN a Hold, seeing about 15% downside to our ₱20.20 fair value.

The Setup

KKR has fully exited First Gen, selling about 715.86 million shares through its Singapore vehicle, Valorous Asia Holdings, to Angsana Finance Ltd. The ₱25.77 billion transaction priced its approximately 19.9% economic interest at ₱36.00 per share. Angsana is a Cayman-registered private venture firm backed by emerging-markets investor Gateway Partners.

The exit came weeks after First Philippine Holdings, First Gen’s Lopez-family parent, rejected KKR’s proposal to increase its stake by another 8.43%, saying the offer did not reflect First Gen’s true value. The sale price exceeded both KKR’s earlier ₱35.00 proposal and the ₱26.90 regular-market close immediately preceding the deal. KKR first invested in 2020.

First Gen operates natural-gas facilities and a growing renewable-energy portfolio. FGEN now trades at ₱23.85, down 12.8% over one month amid net foreign selling. It remains about 58% above its ₱15.10 52-week low on Oct. 27, 2025, but below its ₱30.70 high on Aug. 14, 2026.

Source: PSE disclosure

Our Read

The strongest signal is a price paid for FGEN’s own shares: ₱36.00, not a look-through valuation of a subsidiary. That establishes a negotiated valuation reference well above the roughly ₱27 pre-deal market price and today’s ₱23.85. It does not establish a tradable floor: minority shareholders have no disclosed route to sell at the block price.

KKR’s complete exit also removes uncertainty over disposal of its remaining position. After an investment dating to 2020, a negotiated premium reads more like capital recycling than lost confidence. Angsana could replace that exit overhang with longer-duration ownership, although its holding horizon remains unconfirmed. This shareholder-to-shareholder sale adds no operating cash to First Gen.

FPH’s rejection reinforces its higher valuation stance, but any control-related premium embedded in stake-building interest is not automatically available to minorities. Our takeaway: the deal strengthens the ownership and valuation reference, not the case for buying toward ₱36.00.

Vini Research Desk rates FGEN a Hold, seeing about 15% downside to our fair value of ₱20.20.

What We're Watching

• Angsana’s stated investment horizon and governance involvement.
• Any offer extending comparable terms to minority shareholders.
• Whether net foreign selling eases following KKR’s exit.