Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 298

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 298
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         |         — | * |
| Reserves                                                  |     |       |     |                    | 289,265 |   |     |         | 103,780 |   |     |         |   665,277 |   |
| Equity attributable to owners of the Company              |     |       |     |                    | 289,265 |   |     |         | 103,780 |   |     |         |   665,277 |   |
| Non-controlling interests                                 |     |    35 |     |                    | 197,378 |   |     |         | 174,054 |   |     |         |   103,853 |   |
| Total equity                                              |     |       |     |                    | 486,643 |   |     |         | 277,834 |   |     |         |   769,130 |   |
| Total liabilities and equity                              |     |       |     |                    | 681,674 |   |     |         | 501,514 |   |     |         | 1,174,434 |   |

| * | The amount is less than US$1,000. |

<div align='center'>The accompanying notes are an integral part of
the consolidated financial statements.

F-44

THE GENERATION ESSENTIALS GROUP
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
AS OF DECEMBER 31, 2022, 2023 AND 2024</div>

|                                                               |     | Share      
 capital    |   |     | Share   
 premium |   |     | Preferred 
 shares    |   |     | Capital 
 reserve |         |   |     | Revaluation 
 reserve     |        |   |     | Exchange 
 reserve  |        |   |     | Retained 
 profits  |        |   |     | Total equity 
 attributable 
 to owners    
 of the       
 Company      |         |   |     | Non-        
 controlling 
 interests   |         |     | Total   
 equity  |         |
|                                                               |     | US$’000    |   |     | US$’000 |   |     | US$’000   |   |     | US$’000 |         |   |     | US$’000     |        |   |     | US$’000  |        |   |     | US$’000  |        |   |     |