Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 323

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 323
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 | US$ |         |   |
| Recognized amounts of net assets acquired                   |     |     |  21,300 |   |
| Less: consideration transferred by ultimate holding company |     |     | (16,831 | ) |
|                                                             |     |     |   4,469 |   |

Bargain purchase gain amounting to
approximately US$4,469,000 acquisition of The Art Newspaper SA is recognized in profit or loss within the other gain line item in the
consolidated statement of profit or loss and other comprehensive income. The transaction resulted in a bargain purchase gain, reflecting
the financial and operating conditions of the acquiree at the time of acquisition and our competitive bargaining strategy over the seller.

Net cash inflow on acquisition of The Art Newspaper SA

| Cash and cash equivalents balances 
 acquired                           |     | 27 |

Impact of acquisition on the results of the Group

Included in the consolidated profit
for the year ended December 31, 2023 is the profit of US$45,000 attributable to the business generated by The Art Newspaper SA. Revenue
for the year ended December 31, 2023 includes US$2 million generated from the acquisition.

Had the acquisition of The Art Newspaper
SA been completed on January 1, 2023, revenue for the year of the Group would have been US$46.6 million, and profit for the
year would have been US$16.2 million. The pro forma information is for illustrative purposes only and is not necessarily an indication
of revenue and results of the operations of the Group that actually would have been achieved had the acquisition been completed on January 1,
2023, nor is it intended to be a projection of future events.

<div align='center'>F-77

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 34. | ACQUISITIONS OF SUBSIDIARIES (cont.) |

For the year ended December 31, 2024

On April 1, 2024, the Group agreed
with another shareholder of Singapore hotel companies that the Group owns the controlling interests of Singapore hotel companies, accordingly,
Singapore hotel companies became the non-wholly owned subsidiaries of the Group without change of the percentage of ownership.

Assets and liabilities at the date of acquisition

|