Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 364

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 364
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 Revenue for the year
ended December 31, 2022 includes US$4.7 million generated from the acquisition.

Had the acquisition of L’Officiel Inc SAS been completed
on January 1, 2022, revenue for the year of the Group would have been US$33.1 million, and profit for the year would have been
US$21.7 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, 2022,
nor is it intended to be a projection of future events.

For the year ended December 31, 2023

During the year ended December 31, 2023, the Company
acquired 100% equity interest of The Art Newspaper SA, a limited company incorporated in Switzerland. The consideration of the acquisition
was paid by cash amounting to US$2,540,000, which is paid by ultimate holding company, 8,688,525 shares of the intermediate holding company
and 380,065 shares of the immediate holding company as well as a bonus element of Euro 2,888,888 which will be settled by the intermediate
holding company on the 540 day following the completion of acquisition. The total consideration is approximately US$16,831,000.
The transaction was completed in October 2023 using acquisition accounting.

No acquisition-related cost has been recognized as an expense
for the year ended December 31, 2023.

Consideration transferred

|                                                     |     | US$’000 |        |
| Cash through amount due to ultimate holding company |     |         |  2,540 |
| Ordinary shares of the intermediate holding company |     |         |  5,607 |
| Ordinary shares of immediate holding company        |     |         |  5,607 |
| Other consideration payable                         |     |         |  3,077 |
| Net assets acquired                                 |     |         | 16,831 |

<div align='center'>F-98

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.) |

Assets and liabilities at the date of acquisition