Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 310

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 310
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IDIARIES’ NON-CONTROLLING 
 SHAREHOLDERS                                 |

|                                                           |     | As of December 31, |        |     |         |        |     |         |        |
|                                                           |     |               2022 |        |     |    2023 |        |     |    2024 |        |
|                                                           |     |            US$’000 |        |     | US$’000 |        |     | US$’000 |        |
| Interest-free                                             |     |                    | 19,268 |     |         | 24,322 |     |         | 63,019 |
| Interest bearing at Hong Kong Inter-bank Offered          
 Rate (“HIBOR”) plus 1.15% per annum                       |     |                    | 25,648 |     |         | 21,762 |     |         |      — |
| Interest bearing at 2 times of HIBOR plus 1.15% per annum |     |                    |  7,695 |     |         |  7,643 |     |         |      — |
|                                                           |     |                    | 52,611 |     |         | 53,727 |     |         | 63,019 |

Amounts due to subsidiaries’
non-controlling shareholders are unsecured.

During the year ended December 31,
2024, interest bearing balances were settled through the current account of ultimate holding company and the non-controlling shareholder.

| 27. | AMOUNT DUE TO ULTIMATE HOLDING COMPANY |

Amount due to ultimate holding company is unsecured, interest-free
and not expected to be repayable within 1 year after each of the reporting period.

| 28. | SHARE CAPITAL |

Share capital as of December 31,
2022 represented the combined share capital of WME Assets Group, WME Direct Investment Limited, L’Officiel Inc SAS, L’Officiel
Singapore Pte. Ltd. and L’Officiel Malaysia Sdn. Bhd.

Share capital as of December 31,
2023 represented the combined share capital of the Company, WME Assets Group, and AMTD Group (Canada) Inc.

<div align='center'>F-65

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div