Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 361

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 361
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 the holder. |

The non-voting redeemable shares are classified as equity
despite their redeemable nature due to their fixed-for-fixed redemption feature. No shares were redeemed during the year, and there are
no plans or obligations to redeem these shares in the foreseeable future.

| 29. | RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES |

The table below details changes in the Group’s liabilities
arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for
which cash flows were, or future cash flows will be, classified in the Group’s consolidated statements of cash flows as cash flows
from financing activities.

|                                  |     | Borrowings |         |   |     | Lease       
 liabilities |      |   |     | Amount        
 due to        
 subsidiaries’ 
 non-          
 controlling   
 shareholders  |         |   |     | Amount   
 due to   
 ultimate 
 holding  
 company  |         |   |     | Total   |         |   |
|                                  |     | US$’000    |         |   |     | US$’000     |      |   |     | US$’000       |         |   |     | US$’000  |         |   |     | US$’000 |         |   |
| As of January 1, 2022            |     |            |  45,809 |   |     |             |    — |   |     |               |  58,041 |   |     |          |  59,464 |   |     |         | 163,314 |   |
| Finance costs                    |     |            |   1,550 |   |     |             |    — |   |     |               |   1,036 |   |     |          |       — |   |     |         |   2,586 |   |
| Acquisition of subsidiaries      |     |            |     585 |   |     |             |    — |   |     |               |       — |   |     |          |       — |   |     |         |     585 |   |
| Recognition of lease liabilities |     |            |       — |   |     |             |  219 |   |     |               |       — |   |     |          |       — |   |     |         |     219 |   |
|