New York-based private equity giant KKR has sold its entire stake in Philippine power producer First Gen Corp., led by tycoon Federico Lopez and his family, for 25.8 billion pesos ($410 million), weeks after the company rejected KKR’s bid to increase its shareholding.

Through its investment vehicle Valorous Asia Holdings, KKR sold 715.9 million shares, comprising its entire 19.9% stake in First Gen, at 36 pesos apiece, according to an exchange filing on Monday. The shares were bought by Angsana Finance—part of Dubai and Singapore-based investment firm Gateway Holdings—at a 52% premium from the Philippine-listed company’s closing price of........

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