MANILA — First Philippine Holdings (FPH), parent firm of First Gen, said Angsana Finance Limited will not have governance rights even after buying a 19.9 percent stake in First Gen.
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FPH and First Gen President and Chief Operating Officer Francis Giles Puno said Angsana will have all other shareholder rights but may not have a board seat or any leadership roles.
Angsana bought the entire 19.9 percent stake of investment firm KKR in First Gen this month. This represents 715.86 million common shares worth P25.77 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.
KKR had Manolo Manuel de Guzman as its representative in the board. He resigned following the divestment of KKR. There is no announcement yet as to who will replace him on the First Gen board.
Meanwhile, FPH celebrates its 65th anniversary with a renewed push toward a decarbonized and regenerative energy sector. Puno vowed to continue pursuing projects on clean and renewable energy and critical infrastructure, among others, that will benefit the public.
Lopez-led FPH is the parent firm of First Gen, Rockwell Land, First Balfour, among others. Consolidated net income in the first 7 months of 2026 is P20.2 billion, up 22 percent from the same period last year. Net income attributable to FPH is up 7 percent to P11 billion.