Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 145

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 145
---
5 million in 2022, 2023 and 2024, respectively. Other operating expenses
primarily include depreciation relating to our hotel properties, advertising and promotion expenses, IT related costs, legal and professional
fee, premises costs, travelling expenses and others.

Staff costs

Our staff costs were US$3.9 million,
US$7.9 million and US$13.1 million in 2022, 2023 and 2024, respectively. Salaries and bonus and pension scheme contributions
are the major components of our staff costs.

Share of profits
(losses) of joint ventures

Our share of profits (losses)
of joint ventures was US$0.8 million in profit, US$2.6 million in losses and US$0.6 million in losses in 2022, 2023 and
2024, respectively. Share of profits (losses) of joint ventures represents our share of losses or profits of our joint venture in the
business of investment holding and our Singapore joint venture in the business of hotel investment.

<div align='center'>93</div>

Finance costs

Our finance costs were US$2.6 million,
US$7.1 million and US$10.6 million in 2022, 2023 and 2024, respectively. Finance costs consist primarily of interests on our
borrowings and interests on amounts due to non-controlling shareholders of our subsidiaries.

Taxation

Cayman Islands

The Cayman Islands currently
levies no taxes on individuals or corporations based upon profits, income, capital gains or appreciation and there is no taxation in the
nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman
Islands except for stamp duties which may be applicable on instruments executed in or brought within the jurisdiction of the Cayman Islands.
There are no exchange control regulations or currency restrictions in the Cayman Islands.

France

In France, corporate income
tax rate of 15% applies to the first €38,120 of taxable profits for entities realizing a turnover up to €10 million for
the years ended December 31, 2022, 2023 and 2024. The corporate income tax rate above €38,120 of taxable profits is 25%
during the years ended December 31, 2022, 2023 and 2024.

Italy

Italian corporate entities
are subject to a corporate income tax of 24