Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 343

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 343
---
cont.) |

| (c) | Dividend or cash distributions generated from the Underlying                                                                                 
 Assets during the term of the Agreements shall be received by the subsidiaries of the Group for their sole benefit and shall not be included 
 in the computation of the gain or the Participation Cost.                                                                                    |

In December 2022, the Underlying Assets have been partially
sold, in which 2,673,000 listed shares were sold in the market at the average disposal price of HK$3.27 per share, and US$1,963,000 was
due from the counterparty to settle 2,673,000 notional of the derivatives reflecting the difference between the average disposal price
and Underlying Price. Accordingly, corresponding revisions were made to the Agreements to reflect the reduction in the number of underlying
listed shares.

In December 2023, the Group terminated the Upside Participation
and Profit Distribution Agreements with the counterparty.

The Agreements satisfied the definition of derivative financial
instrument in accordance with IFRS 9 and were stated at fair value with any subsequent changes recognized in profit or loss.

|                      |     | As of December 31, |         |   |     |         |          |   |     |         |   |
|                      |     |               2022 |         |   |     |    2023 |          |   |     |    2024 |   |
|                      |     |            US$’000 |         |   |     | US$’000 |          |   |     | US$’000 |   |
| As of January 1,     |     |                    | 124,404 |   |     |         |  167,388 |   |     |         | — |
| Change in fair value |     |                    |  44,461 |   |     |         |        — |   |     |         | — |
| Gain on disposal     |     |                    |     486 |   |     |         |   34,234 |   |     |         | — |
| Settlement           |     |                    |  (1,963 | ) |     |         | (201,411 | ) |     |         | — |
| Exchange realignment |     |                    |       — |   |     |         |     (211 | ) |     |         | — |
| As of December 31,   |     |                    | 167,