kkr exits first
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KKR exits First Gen, sells stake to Gateway-linked firm for P25.8B

ByJustpaste.in

MANILA, Philippines – Global private equity investment giant KKR has exited First Gen Corporation, selling its entire 19.9% stake in the Lopez-led power company for about P25.77 billion, just weeks after an attempt to increase its investment and take First Gen private fell through.

In a regulatory filing, KKR-linked Valorous Asia Holdings said it disposed of 715.8 million First Gen shares on September 10 for P25.77 billion, equivalent to P36 per share. Valorous said the transaction included shares held indirectly through Philippines Clean Energy Holding Inc. and left it with no remaining stake in First Gen.

The buyer was Angsana Finance Limited, which separately disclosed that it had acquired the same 715.86 million shares, equivalent to 19.9% of First Gen’s outstanding common shares. Angsana is incorporated in the Cayman Islands and is wholly owned by Gateway Holdings Limited, the parent of emerging markets investment firm Gateway Partners. Gateway, which operates out of Singapore and Dubai, is already an investor in the Philippines as one of the backers of UNO Digital Bank.

Only a month earlier, KKR had sought to increase its stake in First Gen.

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In August, First Philippine Holdings (FPH), First Gen’s parent company, rejected KKR’s non-binding proposal to purchase another 8.43% of the power company from FPH and launch a voluntary tender offer for First Gen’s entire public float at P35 per share. FPH said the proposed price did not represent First Gen’s “true value.”

Had the proposal pushed through, the tender offer would also have supported a potential voluntary delisting of First Gen from the Philippine Stock Exchange.

Now, KKR has instead sold its existing shares at P36 apiece, P1 higher than its proposed tender price.

The exit was also followed by a change in First Gen’s board. Manolo Michael de Guzman resigned as a director and member of the Board Risk Oversight Committee effective September 11. 

De Guzman is a senior adviser at KKR and president of Philippines Clean Energy Holding Inc., one of the vehicles through which KKR held its First Gen stake. His resignation came a day after KKR sold its entire stake, although First Gen did not state a reason for his departure. – Rappler.com

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    ISLAMABAD: The governments of Pakistan and Japan have signed a grant agreement worth JPY 350 million, equivalent to around $2.2 million, to support the Human Resource Development Scholarship Programme (JDS) for 2026. The agreement was signed during a ceremony held at the Ministry of Economic Affairs on Tuesday, August 11, as both countries reaffirmed their commitment to strengthening cooperation in human resource development and institutional capacity building. Secretary of the Ministry of Economic Affairs Muhammad Humair Karim and Japanese Ambassador to Pakistan Akamatsu Shuichi signed the Record of Discussions and Exchange of Notes during the ceremony. The grant agreement was separately signed by Miran Mohiyuddin Soomro, Senior Joint Secretary at the Ministry of Economic Affairs, and Yusuke Shinozaki, Chief Representative of the Japan International Cooperation Agency (JICA) in Pakistan. Senior representatives from the Embassy of Japan, JICA and Pakistan’s Ministry of Economic Affairs also attended the signing ceremony. 17 scholarships to be offered Under the latest phase of the JDS programme, 17 Pakistani government officials will receive scholarships to pursue higher education at leading Japanese universities. The 2026 programme will offer 16 scholarships for master’s degree programmes and one scholarship for a doctoral programme. The initiative is primarily aimed at young officers serving in Pakistan’s Federal Civil Service and Ex-Cadre services. The scholarship programme is designed to enhance the professional expertise of government officials by providing them with opportunities to acquire advanced academic knowledge and specialized skills in Japan. Officials who benefit from the programme are expected to contribute to policymaking, public administration and Pakistan’s broader socio-economic development after completing their studies. Ninth phase since 2018 The latest grant marks the ninth instalment of Japan’s JDS programme in Pakistan since its launch in 2018. Over the past eight batches, approximately 17 to 18 Pakistani officials per batch have benefited from the scholarship initiative. The programme has consequently created a growing network of Pakistani officials with exposure to Japanese academic institutions, public-sector practices and professional training. The JDS initiative is part of Japan’s broader development cooperation with Pakistan, with a particular focus on strengthening human resources and improving the capacity of government institutions. In addition to the long-term JDS scholarships, Japan also facilitates short-term training opportunities for Pakistani government officials in various fields. These programmes provide participants with exposure to international practices and technical expertise that can be applied to their respective departments in Pakistan. Focus on bilateral cooperation Speaking at the ceremony, Japanese Ambassador Akamatsu Shuichi reiterated Japan’s commitment to working with Pakistan on human resource development and other areas of mutual interest. JICA Chief Representative Yusuke Shinozaki also expressed the agency’s willingness to continue cooperating with the Government of Pakistan to strengthen institutional capacity and promote sustainable development. The Japanese side said such initiatives also contribute to closer people-to-people links and reinforce the longstanding friendly relations between Pakistan and Japan. The two countries have maintained development and economic cooperation for decades, with Japan supporting Pakistan through grants, technical assistance, training programmes and other capacity-building initiatives. The continuation of the JDS programme is expected to further deepen bilateral cooperation while equipping Pakistani public-sector officials with knowledge and skills that can support more effective governance and economic development.

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    Pakistan exports rise 13.1% to $3.94 billion in Ju…

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    ISLAMABAD: Pakistan’s exports of goods and services rose by 13.1 percent year-on-year to $3.94 billion in July 2026, providing an encouraging start to the new fiscal year and signalling continued improvement in the country’s external sector. Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal shared the figures on Saturday while presenting the Monthly Development Update for August 2026. He said exports stood at $3.48 billion in July 2025, meaning the latest increase reflects stronger performance across several major export categories. According to the minister, merchandise exports increased by 9.4 percent to around $3 billion in July 2026 from $2.8 billion a year earlier. When services exports are included, the combined figure reached approximately $3.9 billion, compared with $3.5 billion in July last year. Key export sectors show growth Ahsan Iqbal said the improvement in exports was supported by higher shipments across several important sectors. 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