Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 93

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 93
---
 |   (6,116 | )(b) |     |              |  (48,847 | )(j) |     |                    |   605,436 |
|                                                           |     |         |           |     |          |         |   |     |                        |          |      |     |              |   (1,688 | )(f) |     |                    |           |
| Equity attributable to owners of the Company              |     |         |   665,277 |     |          | 152,155 |   |     |                        | (161,461 | )    |     |              |    9,506 |      |     |                    |   665,477 |
| Non-controlling interests                                 |     |         |   103,853 |     |          |       — |   |     |                        |        — |      |     |              |        — |      |     |                    |   103,853 |
| Total equity                                              |     |         |   769,130 |     |          | 152,155 |   |     |                        | (161,461 | )    |     |              |    9,506 |      |     |                    |   769,330 |
| Total liabilities and equity                              |     |         | 1,174,434 |     |          | 157,595 |   |     |                        |        — |      |     |              | (140,141 | )    |     |                    | 1,191,888 |

<div align='center'>51

NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</div>

| 1. | Basis of Presentation |

The unaudited pro forma condensed
combined financial information has been prepared to illustrate the effect of the TGE Reorganization, Black Spade II’s IPO and the
Transactions and has been prepared for informational purposes only.

The historical consolidated
financial statements of The Generation Essentials Group have been prepared in accordance with IFRS. The historical financial statements
of Black Spade II have been prepared in accordance with U.S. GAAP.

For accounting purposes, the
financial statements of the combined company will represent a continuation of the consolidated financial statements of The Generation
Essentials Group with the acquisition being treated as the equivalent of The Generation Essentials Group transferring consideration for
the net assets of Black Spade II and the service of a stock exchange listing for its shares.