Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 298

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 298
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 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-57

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                       |     |                    |   30,554 |   |     |         |   23,810 |   |     |         |      — |   |
| Interests in joint