Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 374

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 374
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| 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                             |     |         |     477 |   |
| Accounts receivable                         |     |         |   1,855 |   |
| Prepayments, deposits and other receivables |     |         |   2,745 |   |
| Intangible assets                           |     |         |  92,294 |   |
| Accounts payable                            |     |         | (11,489 | ) |
| Other payables and accruals                 |     |         | (11,033 | ) |
| Provisions                                  |     |         |  (4,094 | ) |
| Borrowings                                  |     |         |    (585 | ) |
| Deferred tax liabilities                    |     |         |  (2,769 | ) |
| Net assets acquired                         |     |         |  67,648 |   |

<div align='center'>F-97

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.) |

The fair values and gross contractual amounts of accounts
receivable and other receivables at the date of acquisition amounted to approximately US$1,855,000 and US$2,492,000, respectively. No
accounts receivable and other receivables were expected to be uncollectible.

Gain arising on acquisition

|                                                             |     | US$ |         |   |
| Recognized amounts of net assets acquired                   |     |     |  67,648 |   |
|