Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 91

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 91
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quirer for financial statement reporting purposes.

The Business Combination,
which is not within the scope of IFRS 3 since Black Spade II does not meet the definition of a business in accordance with IFRS 3,
is accounted for as a share-based payment transaction within the scope of IFRS 2. The net assets of The Generation Essentials Group will
be stated at their pre-combination carrying amounts, with no goodwill or other intangible assets recorded. Any excess of the fair value
of consideration transferred to Black Spade II shareholders over the fair value of Black Spade II’s identifiable net assets
acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.

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Consideration

The following represents the
aggregate consideration from the Transactions, assuming no Warrants have been exercised:

|                     |     | Purchase 
 price    |        |     | Share issue |           |
|                     |     | US$’000  |        |     |             |           |
| Share Consideration |     |          | 60,041 |     |             | 6,004,126 |

The value of ordinary shares
is reflected at $10 per share, taking into account the TGE Reorganization.

Ownership

The following summarizes the
unaudited pro forma ordinary shares of The Generation Essentials Group outstanding following the completion of the Business Completion
based on the actual redemptions by Black Spade II Public Shareholders, assuming no Warrants have been exercised:

|                                                         |     | Numberof shares(1) |            |     | % |       |
| Black Spade II Public Shareholders                      |     |                    |            |     |   |       |
| Public Shares(2)                                        |     |                    |  2,179,126 |     |   |   4.0 |
|                                                         |     |                    |  2,719,126 |     |   |   4.0 |
| Sponsor and other Initial Shareholder of Black Spade II |     |                    |            |     |   |       |
| Founder Shares(3)                                       |     |                    |  3,825,000 |     |   |   7.0 |
|                                                         |     |                    |  3,825,000 |     |   |   7.0 |
| Current TGE Shareholders                                |     |                    |            |     |   |