First Philippine Holdings Corp. (FPH) received a preliminary proposal from KKR on August 12, 2026. KKR seeks to purchase an 8.43% block of shares in energy subsidiary First Gen Corp.
The offer price represents a 117% premium over the July closing price. This acquisition serves as the initial step in a strategy to privatize the power producer.
KKR intends to launch a voluntary tender offer for the remaining public float to facilitate a stock exchange delisting. FPH is currently evaluating the non-binding proposal and has not signed formal agreements.