Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 157

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 157
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 cash we would receive from the exercise of the Warrants will
decrease. We will pay the expenses associated with registering the sales by the Selling Securityholders, as described in more details
in the section titled “Use of Proceeds” appearing elsewhere in this prospectus.

We believe that our current
cash and cash equivalents and our anticipated cash flows from operations will be sufficient to meet our anticipated working capital requirements
and capital expenditures for at least the next 12 months. After the Business Combination, we may decide to enhance our liquidity
position or increase our cash reserve for future investments through additional financing. The issuance and sale of additional equity
will result in further dilution to our shareholders. The incurrence of indebtedness will result in increased fixed obligations and could
result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or
on terms acceptable to us, if at all.

<div align='center'>100</div>

Operating Activities

Net cash generated from operating
activities in 2024 was US$4.6 million. The difference between our profit before tax of US$46.4 million and operating cash inflow
was primarily the result of (i) the adjustment of non-cash items of US$36.9 million, consisted primarily of US$24.8 million
in gain on disposal of subsidiaries, US$8.7 million in dividend income, US$26.3 million in net fair value changes on financial
assets at FVTPL, US$10.6 million in finance costs and US$11.7 million in depreciation; and (ii) a net increase in working
capital by US$4.9 million. The net increase in working capital was primarily attributable to an increase in accounts receivable of
US$3.7 million, a decrease in contract liabilities of US$0.2 million and an increase in prepayments, deposits and other receivables
of US$2.4 million, partially offset by an increase in accounts payable of US$0.9 million and an increase in other payables and accruals
of US$0.4 million.

Net cash generated from operating
activities in 2023 was US$1.1 million. The difference between our profit before tax of US$19.1 million and operating cash inflow
was primarily the result of (i) the adjustment of non-cash items of US$14.6 million, consisted mainly of realized gain in disposal