Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 362

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 362
---
 4.03 |     |              |  2,276 |     |           | 6,829 |     |         | 231,297 |     |         | 17,870 |     |              | 258,272 |     |          | 219,609 |
| Amounts due to subsidiaries’ non-controlling shareholders |     |                         |      |     |              | 63,019 |     |           |     — |     |         |       — |     |         |      — |     |              |  63,019 |     |          |  63,019 |
| Amount due to ultimate holding company                    |     |                         |    — |     |              |      — |     |           |     — |     |         | 102,622 |     |         |      — |     |              | 102,622 |     |          | 102,622 |
|                                                           |     |                         |      |     |              | 75,389 |     |           | 6,829 |     |         | 333,919 |     |         | 17,870 |     |              | 434,007 |     |          | 395,344 |

Capital risk management

The Group manages its capital to ensure that the Group will
be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Group consists of debts and equity
attributable to equity holders of the Group, comprising share capital and reserves, as disclosed in consolidated statements of changes
in equity.

There were no changes on the Group’s approach to capital
risk management during the years.

| 34. | ACQUISITIONS OF SUBSIDIARIES |

For the year ended December 31, 2022

In April 2022, the intermediate holding company acquired
100% equity interest of L’Officiel Inc SAS. The consideration of the acquisition amounting to US$62,800,000 was paid by ultimate
holding company on behalf of the Group. The transaction was completed in April 2022 and accounted for using acquisition accounting.
No acquisition-related cost has been recognized as an expense for the year December 31, 2022.

Assets and liabilities at the date of acquisition

|                                             |     | US$’000 |         |   |
| Cash and cash balances                      |     |         |     247 |   |
| Restricted cash