Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 377

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 377
---
Bargain purchase gain amounting to approximately US$4,469,000
acquisition of The Art Newspaper SA is recognized in profit or loss within the other gain line item in the consolidated statement of profit
or loss and other comprehensive income. The transaction resulted in a bargain purchase gain, reflecting the financial and operating conditions
of the acquiree at the time of acquisition and our competitive bargaining strategy over the seller.

Net cash inflow on acquisition of The Art Newspaper SA

| Cash and cash equivalents balances acquired |     | 27 |

Impact of acquisition on the results of the Group

Included in the consolidated profit for the year ended December 31,
2023 is the profit of US$45,000 attributable to the business generated by The Art Newspaper SA. Revenue for the year ended December 31,
2023 includes US$2 million generated from the acquisition.

Had the acquisition of The Art Newspaper SA been completed
on January 1, 2023, revenue for the year of the Group would have been US$46.6 million, and profit for the year would have been
US$16.2 million. The pro forma information is for illustrative purposes only and is not necessarily an indication of revenue and
results of the operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2023,
nor is it intended to be a projection of future events.

<div align='center'>F-99

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 34. | ACQUISITIONS OF SUBSIDIARIES (cont.) |

For the year ended December 31, 2024

On April 1, 2024, the Group agreed with another shareholder
of Singapore hotel companies that the Group owns the controlling interests of Singapore hotel companies, accordingly, Singapore hotel
companies became the non-wholly owned subsidiaries of the Group without change of the percentage of ownership.

Assets and liabilities at the date of acquisition

|                                             |     | US$’000 |          |   |
| Cash and cash balances                      |     |         |    4,273 |   |
| Accounts receivable                         |     |         |      920 |   |
| Prepayments, deposits and other receivables |     |         |      622 |   |
| Property,