Company: TGE
Filing Date: 2025-01-27
Form Type: 425
Source: 0001213900-25-006756
Chunk: 28

Company: Generation Essentials Group
Filing Date: 2025-01-27
Form: 425
Chunk 28
---
ified
into one (1) Company Class A Ordinary Share;

(ii) each
Company Ordinary Share (other than non-voting ordinary share) held by AMTD Digital shall be re-designated and re-classified into one (1) Company
Class B Ordinary Share; and

(iii) each
non-voting redeemable ordinary share in the share capital of the Company shall be re-designated and re-classified into one (1) non-voting
redeemable preferred share in the share capital of the Company.

Section 2.03. Recapitalization.
Immediately after the completion of the Re-Designation and immediately prior to the Merger Effective Time, the Company shall effect a
share consolidation or subdivision such that (the “Share Consolidation/Split”):

(a) each Pre-Recapitalization Company
Ordinary Share which is a Company Class A Ordinary Share shall be consolidated or divided into a number of Company Class A Ordinary
Shares equal to the Adjustment Factor;

(b) each Pre-Recapitalization Company
Ordinary Share which is a Company Class B Ordinary Share shall be consolidated or divided into a number of Company Class B Ordinary
Shares equal to the Adjustment Factor; and

(c) each Pre-Recapitalization Company
Preferred Share which is a non-voting redeemable preferred share shall be consolidated or divided into a number of non-voting redeemable
preferred shares equal to the Adjustment Factor;

provided that no fractional shares shall
be issued by virtue of the Share Consolidation/Split, and each Company Shareholder that would otherwise be so entitled to a fraction of
a share (after aggregating all fractional shares that otherwise would be received by such Company Shareholder) shall instead be entitled
to receive such number of shares to which such Company Shareholder would otherwise be entitled, rounded down to the nearest whole number
(the actions described in this Section 2.03, the “Recapitalization”).

<div align='center'>23

Article 3The Merger; Closing</div>

Section 3.01. Merger.

(a) Upon
the terms and subject to the conditions set forth in this Agreement, at the Merger Effective Time, BSII, Merger Sub and the Company shall
execute a plan of merger (the “Plan of Merger”) in the form attached as hereto by which Merger Sub shall
be merged with and into BSII in accordance with Part XVI of the Cayman Islands Companies Act, with BSII being the surviving