Company: TGE
Filing Date: 2025-01-27
Form Type: 425
Source: 0001213900-25-006756
Chunk: 44

Company: Generation Essentials Group
Filing Date: 2025-01-27
Form: 425
Chunk 44
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percentage represented by such Equity Securities, in each case as of the date of this Agreement. The outstanding Equity Securities of
each of the Company’s Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and are not subject
to, nor were they issued in violation of, any preemptive rights, rights of first refusal or similar rights. Other than as set forth on
Section 5.06(b) of the Company Disclosure Schedule, the Company or one or more of its wholly owned Subsidiaries own of record
and beneficially all the issued and outstanding Equity Securities of each Subsidiary of the Company free and clear of any Liens other
than Permitted Liens. As of the date of this Agreement, the Company owns of record beneficially 34,819,047 Class A ordinary shares
of AMTD Digital free and clear of any Liens.

(c) Other
than as set forth on Section 5.06(a) of the Company Disclosure Schedule or Section 5.06(b) of the Company Disclosure
Schedule, there are no Equity Securities of the Company or any Subsidiary of the Company. There are no outstanding obligations of the
Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Equity Securities of the Company or any Subsidiary of
the Company. There are no outstanding bonds, debentures, notes or other Indebtedness of the Company or any of its Subsidiaries having
the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matter for which the equityholders
of the Company or any Subsidiary of the Company may vote. None of the Company or any of its Subsidiaries is a party to any equityholders
agreement, voting agreement or registration rights agreement relating to the Equity Securities of the Company or any Subsidiary of the
Company. There are no declared but unpaid dividends or other distributions with regard to any issued and outstanding Equity Securities
of the Company or any Subsidiary of the Company.

(d) The
Company Class A Ordinary Shares to be issued to the holders of BSII Ordinary Shares pursuant to this Agreement will, upon issuance
and delivery at the Closing, (i) be duly authorized and validly issued, and fully paid, (ii) be issued in compliance in all
material respects with Applicable Law, (iii) not be