Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 347

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 347
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51 | % |     | Hotel investment   |

On April 1, 2024, the Group agreed with the remaining
shareholder of Singapore hotel companies that the Group owns the controlling interest in the Singapore hotel companies. Accordingly, the
Singapore hotel companies became the non-wholly owned subsidiaries of the Group without change in the percentage of ownership. Please
refer to note 34 for the details of the consolidation of Singapore hotel companies.

<div align='center'>F-79

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

| 13. | INTERESTS IN JOINT VENTURES (cont.) |

The following table illustrates the summarised financial information
in respect of the Singapore hotel companies adjusted for any differences in accounting policies and reconciled to the carrying amount
in the consolidated financial statements:

|                                               |     | As of December 31, |          |   |     |         |          |   |     |         |        |   |
|                                               |     |               2022 |          |   |     |    2023 |          |   |     | 2024*   |        |   |
|                                               |     |            US$’000 |          |   |     | US$’000 |          |   |     | US$’000 |        |   |
| Total assets                                  |     |                    |  362,144 |   |     |         |  357,622 |   |     |         |      — |   |
| Total liabilities                             |     |                    | (226,202 | ) |     |         | (216,689 | ) |     |         |      — |   |
| Net assets                                    |     |                    |  135,942 |   |     |         |  140,933 |   |     |         |      — |   |
| Proportional of the Group’s ownership         |     |                    |       51 | % |     |         |       51 | % |     |         |    N/A |   |
| Group’s share of net assets of joint ventures |     |                    |   69,330 |   |     |         |   71,876 |   |     |         |      — |   |
| Due from joint ventures                       |     |